Fifth Third Bancorp Has $1.47 Million Position in DraftKings Inc. $DKNG

Fifth Third Bancorp boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 1,079.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 67,817 shares of the company’s stock after acquiring an additional 62,067 shares during the quarter. Fifth Third Bancorp’s holdings in DraftKings were worth $1,466,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Ascentis Independent Advisors bought a new stake in shares of DraftKings in the first quarter worth $27,000. Montag A & Associates Inc. raised its position in shares of DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $42,000. Root Financial Partners LLC lifted its position in shares of DraftKings by 208.0% during the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after acquiring an additional 1,874 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of DraftKings during the third quarter valued at about $62,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 0.1%

DKNG opened at $22.81 on Friday. The stock has a market cap of $11.32 billion, a PE ratio of 380.17 and a beta of 1.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The business’s fifty day simple moving average is $25.70 and its 200 day simple moving average is $25.77.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) EPS. As a group, research analysts expect that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on DKNG. Susquehanna dropped their price target on DraftKings from $32.00 to $31.00 and set a “positive” rating on the stock in a research note on Wednesday, July 1st. Mizuho lifted their target price on DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Barclays boosted their price target on shares of DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. BNP Paribas Exane started coverage on DraftKings in a research report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 target price for the company. Finally, Wedbush began coverage on shares of DraftKings in a research note on Friday, April 24th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $34.37.

Insider Activity

In related news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 over the last 90 days. 47.18% of the stock is currently owned by company insiders.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.