DraftKings Inc. $DKNG Shares Acquired by Compound Planning Inc.

Compound Planning Inc. increased its position in DraftKings Inc. (NASDAQ:DKNG) by 42.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 86,165 shares of the company’s stock after purchasing an additional 25,821 shares during the period. Compound Planning Inc.’s holdings in DraftKings were worth $1,863,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Truist Financial dropped their target price on shares of DraftKings from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of DraftKings from $26.00 to $28.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. BNP Paribas Exane initiated coverage on shares of DraftKings in a report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 target price on the stock. Finally, New Street Research set a $29.00 target price on DraftKings in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.37.

Insider Activity at DraftKings

In other news, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 97,596 shares of company stock valued at $2,756,991. Insiders own 47.18% of the company’s stock.

DraftKings Trading Up 0.9%

Shares of NASDAQ:DKNG opened at $23.01 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The company’s 50-day moving average price is $25.66 and its 200 day moving average price is $25.75. The company has a market cap of $11.42 billion, a PE ratio of 383.50 and a beta of 1.65. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the company posted ($0.07) EPS. DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. Sell-side analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current year.

About DraftKings

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.