Ontario Teachers Pension Plan Board Purchases 8,443 Shares of DraftKings Inc. (NASDAQ:DKNG)

Ontario Teachers Pension Plan Board lifted its position in DraftKings Inc. (NASDAQ:DKNG) by 24.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 43,476 shares of the company’s stock after buying an additional 8,443 shares during the period. Ontario Teachers Pension Plan Board’s holdings in DraftKings were worth $1,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Highlander Capital Management LLC increased its holdings in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after buying an additional 450 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the fourth quarter worth $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings in the fourth quarter worth $29,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings in the first quarter worth $33,000. Finally, Concord Wealth Partners increased its stake in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock traded up $0.02 during trading on Tuesday, reaching $36.86. The company had a trading volume of 160,808 shares, compared to its average volume of 10,942,438. The firm has a 50-day simple moving average of $39.10 and a 200-day simple moving average of $40.89. The company has a market cap of $32.04 billion, a price-to-earnings ratio of -31.24 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a twelve month low of $25.41 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during 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 firm’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.87) earnings per share. As a group, sell-side analysts expect that DraftKings Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The disclosure for this sale can be found here. Insiders sold 1,383,546 shares of company stock worth $55,279,617 in the last three months. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Moffett Nathanson upped their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Wells Fargo & Company dropped their target price on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday, June 25th. Barclays dropped their target price on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a research report on Wednesday, June 5th. Finally, Macquarie dropped their target price on shares of DraftKings from $54.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.67.

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.