Sapient Capital LLC Acquires New Stake in DraftKings Inc. (NASDAQ:DKNG)

Sapient Capital LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,627 shares of the company’s stock, valued at approximately $692,000.

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of DraftKings during the 4th quarter worth $7,975,000. Deutsche Bank AG grew its holdings in shares of DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new position in DraftKings during the 3rd quarter valued at about $209,000. Schonfeld Strategic Advisors LLC boosted its holdings in DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after acquiring an additional 64,186 shares during the period. Finally, Arizona State Retirement System boosted its holdings in DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In other 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 value of $8,178,000.00. Following the completion of the transaction, the insider now 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 SEC, which is available through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,086,101 shares of company stock worth $45,903,509. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Down 2.8 %

DKNG traded down $1.21 on Friday, reaching $41.82. The company’s stock had a trading volume of 27,186,840 shares, compared to its average volume of 9,189,177. The stock has a market cap of $36.24 billion, a price-to-earnings ratio of -35.44 and a beta of 1.87. DraftKings Inc. has a 1 year low of $21.07 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50 day moving average is $43.58 and its 200 day moving average is $38.78.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.87) EPS. As a group, research analysts forecast that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Bank Of America (Bofa) raised their target price on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Benchmark raised their target price on DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group lifted their price target on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Moffett Nathanson lifted their price target on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Finally, Barclays lifted their price target on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.45.

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.