Financial Enhancement Group LLC Boosts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Financial Enhancement Group LLC grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 94.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 94,414 shares of the company’s stock after purchasing an additional 45,922 shares during the quarter. Financial Enhancement Group LLC’s holdings in DraftKings were worth $3,351,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of DKNG. Norges Bank acquired a new position in shares of DraftKings in the fourth quarter valued at about $192,140,000. First Trust Advisors LP raised its position in DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after buying an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of DraftKings in the 4th quarter valued at $87,829,000. Vanguard Group Inc. raised its holdings in shares of DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after purchasing an additional 1,723,819 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now owns 250,000 shares in the company, valued at approximately $9,537,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,470,537 shares of company stock valued at $54,321,570. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Trading Up 1.8 %

NASDAQ DKNG traded up $0.60 on Wednesday, reaching $34.25. The stock had a trading volume of 780,447 shares, compared to its average volume of 10,706,831. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $35.40 and a two-hundred day moving average price of $39.86. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The firm has a market capitalization of $30.09 billion, a price-to-earnings ratio of -29.09 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the business earned ($0.17) EPS. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Guggenheim lowered their target price on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Wells Fargo & Company cut their target price on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Barclays lowered their target price on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Finally, Oppenheimer cut their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.59.

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.