SteelPeak Wealth LLC Sells 1,304 Shares of DraftKings Inc. (NASDAQ:DKNG)

SteelPeak Wealth LLC cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 11.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,937 shares of the company’s stock after selling 1,304 shares during the period. SteelPeak Wealth LLC’s holdings in DraftKings were worth $451,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of DKNG. Vanguard Group Inc. raised its stake in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after buying an additional 2,225,759 shares in the last quarter. Jericho Capital Asset Management L.P. raised its stake in shares of DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after buying an additional 2,022,000 shares in the last quarter. Norges Bank acquired a new stake in shares of DraftKings during the 4th quarter worth about $192,140,000. Ameriprise Financial Inc. increased its position in shares of DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of DraftKings by 21.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after purchasing an additional 781,058 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Up 2.9 %

DraftKings stock traded up $1.06 during midday trading on Friday, hitting $38.17. 13,803,609 shares of the stock were exchanged, compared to its average volume of 10,248,119. The company has a fifty day simple moving average of $40.67 and a two-hundred day simple moving average of $40.58. DraftKings Inc. has a 52 week low of $24.97 and a 52 week high of $49.57. The stock has a market capitalization of $33.18 billion, a PE ratio of -32.35 and a beta of 1.81. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The business’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.87) earnings per share. Equities research analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,520,340 shares of company stock worth $60,996,583. Company insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. UBS Group increased their target price on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Barclays increased their target price on shares of DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Berenberg Bank upgraded shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. Morgan Stanley increased their price objective on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.24.

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.