DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by HM Payson & Co.

HM Payson & Co. raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 12.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,440 shares of the company’s stock after purchasing an additional 500 shares during the period. HM Payson & Co.’s holdings in DraftKings were worth $202,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highlander Capital Management LLC grew its position in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. acquired a new position in shares of DraftKings during the 4th quarter worth about $29,000. LRI Investments LLC acquired a new position in shares of DraftKings during the 1st quarter worth about $31,000. Finally, LifeSteps Financial Inc. acquired a new position in shares of DraftKings during the 1st quarter worth about $33,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DKNG shares. The Goldman Sachs Group lowered their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday. Berenberg Bank raised DraftKings to a “hold” rating in a report on Friday, May 31st. Susquehanna cut their price target on DraftKings from $49.00 to $47.00 and set a “positive” rating on the stock in a research note on Thursday. BTIG Research upped their price objective on shares of DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Finally, Wells Fargo & Company lowered their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.30.

DraftKings Stock Down 0.4 %

Shares of NASDAQ DKNG traded down $0.13 during midday trading on Monday, hitting $31.89. The stock had a trading volume of 7,970,751 shares, compared to its average volume of 10,899,472. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The business’s 50 day moving average is $37.74 and its 200-day moving average is $41.03. DraftKings Inc. has a 52 week low of $25.41 and a 52 week high of $49.57. The company has a market cap of $27.72 billion, a P/E ratio of -27.01 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the company earned ($0.17) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. As a group, analysts predict that DraftKings Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In other news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the transaction, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,383,546 shares of company stock worth $55,279,617. 51.19% of the stock is owned by insiders.

DraftKings Profile

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.