DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Summit Financial LLC

Summit Financial LLC boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 198.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,913 shares of the company’s stock after purchasing an additional 118,962 shares during the period. Summit Financial LLC’s holdings in DraftKings were worth $6,829,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in DraftKings during the 4th quarter valued at $26,000. Montag A & Associates Inc. bought a new position in shares of DraftKings in the 4th quarter worth about $29,000. LRI Investments LLC bought a new position in shares of DraftKings in the 1st quarter worth about $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings in the 1st quarter worth about $33,000. Finally, Concord Wealth Partners lifted its position in shares of DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DKNG shares. Berenberg Bank upgraded shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. UBS Group lifted their price objective on shares of DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. The Goldman Sachs Group cut 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. BTIG Research lifted their price objective on shares of DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Finally, Morgan Stanley cut their price objective on shares of DraftKings from $51.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.56.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold 1,471,987 shares of company stock valued at $54,373,654 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Up 1.8 %

Shares of DraftKings stock traded up $0.61 during trading on Friday, hitting $34.50. 7,568,781 shares of the stock traded hands, compared to its average volume of 10,558,181. The company has a fifty day moving average price of $35.59 and a two-hundred day moving average price of $40.04. 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 twelve month low of $25.73 and a twelve month high of $49.57.

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

About DraftKings

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.