Sheaff Brock Investment Advisors LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Sheaff Brock Investment Advisors LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 6.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,145 shares of the company’s stock after acquiring an additional 895 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in DraftKings were worth $688,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Highlander Capital Management LLC raised its holdings in shares of 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 acquiring an additional 450 shares in the last quarter. LifeSteps Financial Inc. bought a new position in DraftKings in the 1st quarter worth $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the 4th quarter worth about $26,000. Concord Wealth Partners boosted its stake in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new position in shares of DraftKings during the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG traded up $0.52 during midday trading on Friday, hitting $36.30. 4,831,276 shares of the company traded hands, compared to its average volume of 10,865,276. The stock has a market cap of $31.55 billion, a price-to-earnings ratio of -31.16 and a beta of 1.81. The firm has a 50 day moving average of $38.58 and a 200-day moving average of $40.85. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 52 week low of $25.41 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s revenue was up 52.7% on a year-over-year basis. During the same period last year, the company earned ($0.87) earnings per share. On average, analysts forecast that DraftKings Inc. will post -0.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on DKNG shares. Bank of America decreased their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday. The Goldman Sachs Group began coverage on shares of DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Monday, May 6th. Morgan Stanley boosted their target price on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. Two research 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 company. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $49.67.

Insider Buying and Selling at DraftKings

In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Jocelyn Moore sold 1,450 shares of the company’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock worth $55,279,617 over the last ninety days. Company insiders own 51.19% of the company’s stock.

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.