Brown Advisory Inc. Sells 1,544,462 Shares of DraftKings Inc. $DKNG

Brown Advisory Inc. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 36.3% during the 4th quarter, HoldingsChannel reports. The fund owned 2,714,552 shares of the company’s stock after selling 1,544,462 shares during the quarter. Brown Advisory Inc.’s holdings in DraftKings were worth $93,543,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DKNG. Integrated Wealth Concepts LLC increased its stake in DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after acquiring an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after acquiring an additional 40,495 shares during the period. Empowered Funds LLC increased its stake in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after acquiring an additional 1,391 shares during the period. Sivia Capital Partners LLC bought a new position in DraftKings during the second quarter valued at about $603,000. Finally, Daiwa Securities Group Inc. increased its stake in DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after acquiring an additional 968 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on DKNG shares. Guggenheim lowered their price objective on DraftKings from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Argus lowered DraftKings from a “buy” rating to a “hold” rating in a research note on Tuesday, March 17th. Scotiabank upgraded DraftKings to an “outperform” rating in a research note on Friday, April 24th. Sanford C. Bernstein reiterated an “outperform” rating on shares of DraftKings in a research note on Thursday. Finally, Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

DraftKings Price Performance

Shares of DKNG opened at $29.00 on Monday. The firm has a market capitalization of $14.39 billion, a price-to-earnings ratio of 483.33 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The business’s fifty day moving average price is $24.47 and its two-hundred day moving average price is $27.55. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS 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 net margin of 0.93% and a return on equity of 13.51%. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) earnings per share. On average, analysts predict that DraftKings Inc. will post 0.6 earnings per share for the current year.

Trending Headlines about DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

Insiders Place Their Bets

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction on Thursday, June 11th. The shares were 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 owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock worth $2,756,991 over the last quarter. Corporate insiders own 47.18% of the company’s stock.

DraftKings Company 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.