Brooklyn Investment Group Purchases New Stake in DraftKings Inc. (NASDAQ:DKNG)

Brooklyn Investment Group purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,657 shares of the company’s stock, valued at approximately $143,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Janus Henderson Group PLC raised its holdings in DraftKings by 93.9% during the 1st quarter. Janus Henderson Group PLC now owns 26,606 shares of the company’s stock valued at $1,208,000 after buying an additional 12,888 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in DraftKings by 52.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 25,228 shares of the company’s stock valued at $1,146,000 after buying an additional 8,692 shares during the last quarter. California State Teachers Retirement System raised its holdings in DraftKings by 1.3% during the 1st quarter. California State Teachers Retirement System now owns 674,253 shares of the company’s stock valued at $30,618,000 after buying an additional 8,576 shares during the last quarter. Comerica Bank increased its position in DraftKings by 19.3% during the 1st quarter. Comerica Bank now owns 124,397 shares of the company’s stock valued at $5,649,000 after purchasing an additional 20,164 shares during the period. Finally, LRI Investments LLC purchased a new position in DraftKings during the 1st quarter valued at $33,000. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 735,246 shares of company stock worth $29,902,158. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

DKNG opened at $43.03 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $37.89 billion, a P/E ratio of -48.90 and a beta of 1.82. The company’s 50-day simple moving average is $39.20 and its two-hundred day simple moving average is $37.92. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, analysts predict that DraftKings Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research analyst reports. The Goldman Sachs Group reduced their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. TD Cowen boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Morgan Stanley boosted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $51.04.

DraftKings 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.