DraftKings Inc. (NASDAQ:DKNG) Stock Position Boosted by Traynor Capital Management Inc.

Traynor Capital Management Inc. boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 54.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,576 shares of the company’s stock after acquiring an additional 7,629 shares during the quarter. Traynor Capital Management Inc.’s holdings in DraftKings were worth $846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DKNG. Marshall Wace LLP grew its position in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in DraftKings by 1,048.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after buying an additional 1,723,819 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in DraftKings in the 2nd quarter valued at about $39,306,000. Finally, Kodai Capital Management LP acquired a new stake in DraftKings in the 1st quarter valued at about $41,276,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Bank of America cut their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Oppenheimer cut their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.22.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,536 shares of company stock worth $46,110,465 over the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings Trading Up 0.2 %

NASDAQ:DKNG opened at $36.56 on Tuesday. The stock’s 50 day moving average price is $37.29 and its 200 day moving average price is $38.23. DraftKings Inc. has a 52 week low of $26.35 and a 52 week high of $49.57. The company has a market capitalization of $31.78 billion, a P/E ratio of -30.98 and a beta of 1.81. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

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

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.