Ardmore Road Asset Management LP Buys 250,000 Shares of DraftKings Inc. $DKNG

Ardmore Road Asset Management LP grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 41.7% during the second quarter, HoldingsChannel reports. The fund owned 850,000 shares of the company’s stock after acquiring an additional 250,000 shares during the quarter. DraftKings comprises about 3.0% of Ardmore Road Asset Management LP’s holdings, making the stock its 13th largest position. Ardmore Road Asset Management LP’s holdings in DraftKings were worth $36,456,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Natixis Advisors LLC boosted its position in DraftKings by 55.8% during the first quarter. Natixis Advisors LLC now owns 70,367 shares of the company’s stock valued at $2,337,000 after purchasing an additional 25,191 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of DraftKings by 21.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 43,315 shares of the company’s stock valued at $1,438,000 after buying an additional 7,652 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of DraftKings by 32.3% in the 1st quarter. Bank of Nova Scotia now owns 13,416 shares of the company’s stock valued at $446,000 after buying an additional 3,273 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of DraftKings by 3.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,355,077 shares of the company’s stock worth $111,422,000 after buying an additional 113,780 shares during the last quarter. Finally, Altfest L J & Co. Inc. bought a new position in shares of DraftKings during the 1st quarter worth approximately $502,000. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Down 3.4%

DKNG stock opened at $34.00 on Friday. The company has a market capitalization of $16.92 billion, a P/E ratio of -59.65, a price-to-earnings-growth ratio of 2.91 and a beta of 1.60. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The firm’s fifty day simple moving average is $32.52 and its 200-day simple moving average is $38.89. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on DKNG. Oppenheimer lowered their target price on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. UBS Group reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, November 25th. Northland Securities upgraded DraftKings from an “under perform” rating to a “market perform” rating in a research note on Monday, November 10th. BMO Capital Markets decreased their price target on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Finally, Northland Capmk raised DraftKings from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.48.

Insider Buying and Selling

In other news, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. This represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory Westin Wendt bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at $302,700. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders sold 166,752 shares of company stock worth $5,387,153. Corporate insiders own 51.19% of the company’s stock.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.