State Board of Administration of Florida Retirement System Buys 5,486 Shares of DraftKings Inc. $DKNG

State Board of Administration of Florida Retirement System grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 421,175 shares of the company’s stock after buying an additional 5,486 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in DraftKings were worth $18,064,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. TD Private Client Wealth LLC boosted its holdings in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares in the last quarter. Summit Securities Group LLC increased its holdings in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in DraftKings in the second quarter valued at about $45,000. Ameritas Advisory Services LLC bought a new position in DraftKings in the second quarter valued at about $48,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of DraftKings during the first quarter valued at about $49,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total value of $1,530,533.00. Following the completion of the sale, the insider owned 500,454 shares in the company, valued at $14,513,166. The trade was a 9.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total transaction of $246,145.83. Following the transaction, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. The trade was a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 219,529 shares of company stock worth $8,601,273. Corporate insiders own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on DKNG shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of DraftKings in a research note on Wednesday, November 19th. Sanford C. Bernstein decreased their price target on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a research report on Monday, November 10th. Canaccord Genuity Group dropped their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Truist Financial cut their price target on shares of DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Finally, BTIG Research decreased their price objective on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a report on Friday, November 7th. Twenty-five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.38.

DraftKings Price Performance

DKNG stock opened at $33.15 on Monday. The firm has a market cap of $16.50 billion, a price-to-earnings ratio of -58.16, a PEG ratio of 2.75 and a beta of 1.60. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The company’s fifty day simple moving average is $33.40 and its 200 day simple moving average is $39.01.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business’s revenue was up 4.4% on a year-over-year basis. During the same period last year, the business posted ($0.60) earnings per share. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.