DraftKings Inc. $DKNG Stake Raised by Compound Planning Inc.

Compound Planning Inc. boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 42.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,165 shares of the company’s stock after acquiring an additional 25,821 shares during the quarter. Compound Planning Inc.’s holdings in DraftKings were worth $1,863,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Integrated Wealth Concepts LLC raised its holdings in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after purchasing an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after buying an additional 40,495 shares in the last quarter. Empowered Funds LLC boosted its holdings in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after buying an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in DraftKings during the second quarter worth approximately $603,000. Finally, Daiwa Securities Group Inc. grew its position in DraftKings by 2.2% in the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after buying an additional 968 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several research reports. Deutsche Bank Aktiengesellschaft upped their price target on DraftKings from $26.00 to $28.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. BNP Paribas Exane started coverage on DraftKings in a report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 target price on the stock. Freedom Capital raised DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, UBS Group upped their target price on DraftKings from $43.00 to $49.00 and gave the company a “buy” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.37.

DraftKings Stock Up 0.9%

DKNG stock opened at $23.01 on Friday. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The company’s 50 day simple moving average is $25.66 and its 200-day simple moving average is $25.75. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $11.42 billion, a P/E ratio of 383.50 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS 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 firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted ($0.07) EPS. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.54 EPS for the current year.

Insider Buying and Selling at DraftKings

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