Secure Asset Management LLC Acquires New Shares in DraftKings Inc. $DKNG

Secure Asset Management LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 222,295 shares of the company’s stock, valued at approximately $4,224,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in DraftKings during the first quarter worth $17,660,000. Spruce House Investment Management LLC lifted its stake in DraftKings by 129.6% in the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after acquiring an additional 5,446,166 shares during the last quarter. Janus Henderson Group PLC lifted its stake in DraftKings by 9.3% in the first quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after acquiring an additional 2,351,790 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of DraftKings in the 1st quarter valued at about $4,473,000. Finally, Entropy Technologies LP bought a new position in shares of DraftKings in the 1st quarter valued at about $2,669,000. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the completion of the sale, the director owned 1,881 shares in the company, valued at $45,238.05. The trade was a 85.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 47.18% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on DKNG shares. Weiss Ratings cut shares of DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday, August 21st. Citizens Jmp cut their target price on shares of DraftKings from $37.00 to $35.00 and set a “market outperform” rating for the company in a research note on Thursday, September 24th. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price target on shares of DraftKings in a report on Friday, September 18th. BTIG Research reduced their target price on DraftKings from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, October 1st. Finally, Benchmark upped their price target on shares of DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.58.

DraftKings Stock Performance

DKNG opened at $19.77 on Tuesday. DraftKings Inc. has a fifty-two week low of $18.35 and a fifty-two week high of $36.98. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a fifty day moving average of $22.65 and a 200-day moving average of $23.97.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, August 7th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the business posted $0.30 earnings per share. DraftKings’s quarterly revenue was down 4.6% on a year-over-year basis. On average, research analysts forecast that DraftKings Inc. will post 0.40 EPS for the current year.

DraftKings Profile

DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.