Spartan Wealth Advisory Services LLC Invests $487,000 in DraftKings Inc. $DKNG

Spartan Wealth Advisory Services LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,507 shares of the company’s stock, valued at approximately $487,000.

A number of other hedge funds and other institutional investors have also modified their holdings of DKNG. IHT Wealth Management LLC raised its position in DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after purchasing an additional 248 shares during the last quarter. Orion Porfolio Solutions LLC boosted its position in DraftKings by 3.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock valued at $397,000 after buying an additional 321 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of DraftKings by 3.8% in the 4th quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock valued at $357,000 after buying an additional 379 shares during the period. Centaurus Financial Inc. increased its stake in shares of DraftKings by 4.1% in the 3rd quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after buying an additional 410 shares during the period. Finally, Rafferty Asset Management LLC raised its position in shares of DraftKings by 1.8% during the second quarter. Rafferty Asset Management LLC now owns 23,629 shares of the company’s stock worth $1,013,000 after acquiring an additional 421 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DKNG. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price objective on shares of DraftKings in a research report on Monday, May 11th. Truist Financial dropped their price objective on DraftKings from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, April 21st. JPMorgan Chase & Co. upped their target price on shares of DraftKings from $31.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Finally, Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.56.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: JPMorgan Chase raised its price target on DraftKings to $34, signaling continued analyst confidence in the stock’s upside potential. DraftKings (NASDAQ:DKNG) Given New $34.00 Price Target at JPMorgan Chase & Co.
• Positive Sentiment: One bullish commentary highlighted that DraftKings’ recent selloff appears out of step with its improving profitability, pointing to a 64% increase in adjusted EBITDA as evidence the business is still executing well. DraftKings: A 40 Percent Selloff Runs Contrary To The 64 Percent Adjusted EBITDA Increase
• Neutral Sentiment: A broader casino-stocks roundup kept DraftKings on investors’ radar, but did not add a major new catalyst specific to the company. Casino Stocks To Keep An Eye On – July 14th
• Neutral Sentiment: DraftKings also announced legal action against Philadelphia after receiving a subpoena, seeking to halt an enforcement probe tied to consumer law issues. While the move may protect the company, it also underscores ongoing regulatory risk. DraftKings sues Philadelphia to end enforcement probe following subpoena, block consumer law
• Negative Sentiment: Short-seller The Bear Cave renewed its bearish case, arguing prediction markets could pull users away from DraftKings’ sportsbook business and that this competitive threat is not fully reflected in the stock price. Bear Cave Renews DraftKings Bear Case on Prediction Market Momentum
• Negative Sentiment: DraftKings was also covered in reports noting it fell more than the broader market in the latest session, reflecting continued investor caution around the name. Here's Why DraftKings (DKNG) Fell More Than Broader Market

DraftKings Stock Performance

DKNG stock opened at $24.94 on Monday. The business’s fifty day moving average is $25.81 and its 200-day moving average is $26.09. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market cap of $12.37 billion, a P/E ratio of 415.67 and a beta of 1.65. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Equities research analysts forecast that DraftKings Inc. will post 0.54 EPS for the current year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 97,596 shares of company stock worth $2,756,991 in the last three months. Insiders own 47.18% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.