Veery Capital LLC Acquires 5,626 Shares of DraftKings Inc. (NASDAQ:DKNG)

Veery Capital LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,659 shares of the company’s stock after purchasing an additional 5,626 shares during the quarter. DraftKings makes up about 0.5% of Veery Capital LLC’s holdings, making the stock its 27th biggest holding. Veery Capital LLC’s holdings in DraftKings were worth $1,241,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after purchasing an additional 747,937 shares during the period. Marshall Wace LLP raised its holdings in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after buying an additional 441,975 shares during the period. AQR Capital Management LLC boosted its holdings in shares of DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares in the last quarter. Finally, Fred Alger Management LLC grew its position in shares of DraftKings by 8.2% in the 2nd quarter. Fred Alger Management LLC now owns 3,167,849 shares of the company’s stock worth $120,917,000 after buying an additional 239,035 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG opened at $39.84 on Friday. The company has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The stock’s 50 day simple moving average is $38.35 and its two-hundred day simple moving average is $37.91. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, equities analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Wells Fargo & Company raised their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. UBS Group boosted their price target on 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 decreased their price objective 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. Finally, Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock worth $39,966,465 in the last three months. 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.