Deltec Asset Management LLC Acquires 106,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Deltec Asset Management LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 258.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,000 shares of the company’s stock after purchasing an additional 106,000 shares during the period. DraftKings accounts for about 1.1% of Deltec Asset Management LLC’s portfolio, making the stock its 25th biggest position. Deltec Asset Management LLC’s holdings in DraftKings were worth $5,611,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in DKNG. International Assets Investment Management LLC acquired a new stake in shares of DraftKings in the 4th quarter valued at about $7,975,000. RDA Financial Network acquired a new position in shares of DraftKings during the first quarter worth approximately $232,000. LRI Investments LLC bought a new position in shares of DraftKings in the 1st quarter worth $31,000. CreativeOne Wealth LLC acquired a new stake in DraftKings in the 1st quarter valued at $297,000. Finally, Janney Montgomery Scott LLC increased its stake in DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after purchasing an additional 129,294 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of DraftKings stock traded up $0.62 during trading hours on Wednesday, reaching $32.06. The company had a trading volume of 21,265,223 shares, compared to its average volume of 10,993,242. The firm has a market cap of $27.87 billion, a PE ratio of -26.64 and a beta of 1.81. DraftKings Inc. has a one year low of $25.41 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The business has a fifty day simple moving average of $36.94 and a 200 day simple moving average of $40.67.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate 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. On average, analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on DKNG. The Goldman Sachs Group decreased their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research report on Wednesday. Benchmark cut their price objective on shares of DraftKings from $52.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Susquehanna lowered their target price on shares of DraftKings from $49.00 to $47.00 and set a “positive” rating for the company in a report on Thursday, August 1st. Finally, Barclays cut their price target on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $49.44.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the company’s 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 transaction, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Jocelyn Moore sold 1,450 shares of DraftKings stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,383,546 shares of company stock valued at $52,889,617. Corporate insiders own 51.19% 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.