Means Investment CO. Inc. Increases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Means Investment CO. Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,800 shares of the company’s stock after purchasing an additional 1,932 shares during the period. Means Investment CO. Inc.’s holdings in DraftKings were worth $423,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of DKNG. SageView Advisory Group LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $184,000. HighPoint Advisor Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $288,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of DraftKings by 17.2% during the 1st quarter. International Assets Investment Management LLC now owns 7,522 shares of the company’s stock worth $338,000 after purchasing an additional 1,104 shares during the last quarter. Finally, RDA Financial Network purchased a new stake in DraftKings in the 1st quarter valued at about $232,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DraftKings stock opened at $38.46 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The firm’s 50 day moving average is $36.78 and its two-hundred day moving average is $38.64. The firm has a market capitalization of $33.43 billion, a P/E ratio of -32.59 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm posted ($0.17) EPS. The company’s revenue was up 26.2% on a year-over-year basis. Research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. JMP Securities restated a “market outperform” rating and set a $51.00 price target on shares of DraftKings in a research note on Monday, October 14th. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of DraftKings in a research note on Wednesday, September 11th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Monday, September 23rd. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.19.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,132,095 shares of company stock worth $42,890,328. Corporate insiders own 51.19% of the company’s stock.

DraftKings Company 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.