Sweeney & Michel LLC Invests $229,000 in DraftKings Inc. (NASDAQ:DKNG)

Sweeney & Michel LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,188 shares of the company’s stock, valued at approximately $229,000.

A number of other hedge funds have also recently made changes to their positions in the business. Highlander Capital Management LLC boosted its stake 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. LRI Investments LLC bought a new position in DraftKings during the first quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new position in DraftKings during the first quarter valued at approximately $33,000. Transcendent Capital Group LLC bought a new position in DraftKings during the fourth quarter valued at approximately $26,000. Finally, Concord Wealth Partners boosted its stake in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. Oppenheimer dropped their price target on DraftKings from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Monday, July 1st. Jefferies Financial Group raised their price objective on DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Berenberg Bank upgraded DraftKings to a “hold” rating in a report on Friday, May 31st. Barclays reduced their price target on DraftKings from $54.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group began coverage on DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.67.

Insiders Place Their Bets

In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the transaction, the insider now owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,383,546 shares of company stock valued at $55,279,617. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

DKNG traded down $0.86 on Tuesday, reaching $35.87. 7,597,732 shares of the stock were exchanged, compared to its average volume of 10,816,230. The company’s 50-day moving average price is $38.12 and its 200 day moving average price is $41.01. DraftKings Inc. has a fifty-two week low of $25.41 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $31.18 billion, a PE ratio of -30.40 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly 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). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the firm posted ($0.87) EPS. The business’s revenue was up 52.7% compared to the same quarter last year. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

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.