DraftKings Inc. (NASDAQ:DKNG) Shares Bought by First Dallas Securities Inc.

First Dallas Securities Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 64.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,800 shares of the company’s stock after purchasing an additional 30,000 shares during the quarter. DraftKings comprises about 1.3% of First Dallas Securities Inc.’s holdings, making the stock its 24th biggest holding. First Dallas Securities Inc.’s holdings in DraftKings were worth $2,931,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Transcendent Capital Group LLC acquired a new position in shares of DraftKings during the fourth quarter worth about $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in shares of DraftKings in the 1st quarter valued at $31,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings during the 1st quarter worth $33,000. Finally, Concord Wealth Partners grew its stake in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on 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 $82,938,316.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,470,537 shares of company stock worth $54,321,570. Insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded up $0.66 during trading on Thursday, hitting $34.94. 2,047,604 shares of the stock were exchanged, compared to its average volume of 10,685,011. The company has a market cap of $30.37 billion, a PE ratio of -29.05 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a fifty day moving average price of $35.33 and a two-hundred day moving average price of $39.82. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) earnings per share. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Morgan Stanley decreased their price target on DraftKings from $51.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Benchmark lifted their price target on shares of DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Tuesday. Berenberg Bank raised DraftKings to a “hold” rating in a report on Friday, May 31st. Finally, Oppenheimer dropped their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.52.

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.