OP Asset Management Ltd Invests $1.02 Million in DraftKings Inc. $DKNG

OP Asset Management Ltd acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 47,251 shares of the company’s stock, valued at approximately $1,022,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dagco Inc. acquired a new position in DraftKings during the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. grew its stake in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares in the last quarter. Asset Dedication LLC acquired a new position in shares of DraftKings during the 3rd quarter worth approximately $37,000. Montag A & Associates Inc. increased its position in shares of DraftKings by 82.5% during the 4th 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. Finally, Aventura Private Wealth LLC bought a new stake in shares of DraftKings during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $25.80 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market capitalization of $12.80 billion, a P/E ratio of 430.00 and a beta of 1.66. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The stock has a 50 day moving average of $25.13 and a 200-day moving average of $26.96.

DraftKings (NASDAQ:DKNG) last posted its quarterly 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business 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. The firm’s revenue was up 16.8% on a year-over-year basis. As a group, equities research analysts predict that DraftKings Inc. will post 0.6 EPS for the current year.

Analyst Ratings Changes

DKNG has been the subject of several recent analyst reports. Barclays increased their price objective on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Stephens assumed coverage on shares of DraftKings in a research report on Friday, April 24th. They set an “overweight” rating on the stock. Roth Mkm raised shares of DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. JPMorgan Chase & Co. cut their price target on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Finally, Wedbush assumed coverage on shares of DraftKings in a research report on Friday, April 24th. They issued an “outperform” rating for the company. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $34.27.

Insider Activity

In related news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. 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 DraftKings stock in a transaction dated 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 sale, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. 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 97,596 shares of company stock worth $2,756,991 over the last three months. 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.