Jupiter Asset Management Ltd. Buys 1,493,995 Shares of DraftKings Inc. (NASDAQ:DKNG)

Jupiter Asset Management Ltd. boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 1,261.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,612,405 shares of the company’s stock after acquiring an additional 1,493,995 shares during the period. Jupiter Asset Management Ltd. owned 0.19% of DraftKings worth $61,545,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DKNG. Principal Securities Inc. bought a new position in shares of DraftKings during the 4th quarter worth $408,000. Teacher Retirement System of Texas boosted its position in DraftKings by 32.5% during the fourth quarter. Teacher Retirement System of Texas now owns 42,737 shares of the company’s stock worth $1,506,000 after purchasing an additional 10,493 shares during the period. QRG Capital Management Inc. increased its stake in shares of DraftKings by 1.6% in the fourth quarter. QRG Capital Management Inc. now owns 29,658 shares of the company’s stock worth $1,045,000 after purchasing an additional 465 shares in the last quarter. Avantax Advisory Services Inc. raised its position in shares of DraftKings by 33.9% in the fourth quarter. Avantax Advisory Services Inc. now owns 21,663 shares of the company’s stock valued at $764,000 after purchasing an additional 5,481 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after purchasing an additional 781,058 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Up 5.0 %

Shares of NASDAQ DKNG opened at $38.44 on Thursday. The stock has a market capitalization of $33.41 billion, a P/E ratio of -32.58 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57. The firm’s 50 day simple moving average is $35.23 and its two-hundred day simple moving average is $39.64.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping 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 43.11%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company earned ($0.17) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. As a group, analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders have sold a total of 1,470,537 shares of company stock worth $54,321,570 in the last ninety days. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Guggenheim reduced their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Macquarie reiterated an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Monday, August 26th. Berenberg Bank upgraded DraftKings to a “hold” rating in a research note on Friday, May 31st. Wells Fargo & Company cut their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.78.

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.