325,000 Shares in DraftKings Inc. $DKNG Purchased by SCP Investment LP

SCP Investment LP acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, Holdings Channel reports. The firm acquired 325,000 shares of the company’s stock, valued at approximately $11,200,000. DraftKings makes up approximately 9.1% of SCP Investment LP’s investment portfolio, making the stock its 3rd largest holding.

Other large investors also recently added to or reduced their stakes in the company. Dagco Inc. bought a new position in DraftKings in the 4th quarter worth about $26,000. Ameriflex Group Inc. raised its stake in shares of DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares in the last quarter. Asset Dedication LLC purchased a new stake in shares of DraftKings in the third quarter valued at approximately $37,000. Montag A & Associates Inc. boosted its holdings in shares of DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares during the period. Finally, Aventura Private Wealth LLC bought a new position in DraftKings in the fourth quarter worth approximately $39,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of DKNG stock opened at $25.30 on Wednesday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The business’s fifty day simple moving average is $23.64 and its 200-day simple moving average is $27.73. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market cap of $12.55 billion, a PE ratio of 421.67 and a beta of 1.66.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the business earned ($0.07) EPS. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. Analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 2,150 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $55,040.00. Following the transaction, the director owned 1,406 shares in the company, valued at $35,993.60. This represents a 60.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 484,417 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 521,663 shares of company stock worth $13,144,962. 47.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. UBS Group restated a “buy” rating and set a $43.00 price objective on shares of DraftKings in a report on Wednesday, May 20th. Bank of America lowered their target price on DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Moffett Nathanson lowered DraftKings from a “buy” rating to a “neutral” rating and cut their price target for the company from $38.00 to $27.00 in a research note on Friday, April 24th. Guggenheim decreased their price objective on DraftKings from $37.00 to $35.00 and set a “buy” rating for the company in a report on Monday, May 11th. Finally, Oppenheimer lowered their price objective on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.15.

DraftKings Profile

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.