Telemus Capital LLC Purchases Shares of 5,740 DraftKings Inc. (NASDAQ:DKNG)

Telemus Capital LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, HoldingsChannel reports. The fund acquired 5,740 shares of the company’s stock, valued at approximately $202,000.

Other hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA purchased a new stake in DraftKings in the 3rd quarter worth $107,276,000. Ameriprise Financial Inc. raised its holdings in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after acquiring an additional 3,444,107 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of DraftKings in the third quarter valued at approximately $91,790,000. Jericho Capital Asset Management L.P. increased its position in shares of DraftKings by 39.4% during the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in DraftKings by 3,039.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,444,622 shares of the company’s stock valued at $42,530,000 after purchasing an additional 1,398,603 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG opened at $41.21 on Wednesday. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 12 month low of $20.26 and a 12 month high of $49.57. The business has a 50 day simple moving average of $43.69 and a 200-day simple moving average of $38.22.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the prior year, the business earned ($0.53) EPS. The business’s revenue for the quarter was up 43.9% compared to the same quarter last year. On average, research analysts anticipate that DraftKings Inc. will post -0.25 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on DKNG shares. JMP Securities reiterated a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Piper Sandler increased their price target on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Barclays upped their target price on DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Susquehanna lifted their price target on DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a report on Monday, March 25th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $55.00 price objective on shares of DraftKings in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,396,101 shares of company stock valued at $58,121,509. Insiders own 48.94% of the company’s stock.

DraftKings Company 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.