DraftKings Inc. (NASDAQ:DKNG) Position Boosted by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 440.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 91,854 shares of the company’s stock after purchasing an additional 74,872 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in DraftKings were worth $3,506,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares during the last quarter. Norges Bank bought a new position in DraftKings in the fourth quarter worth about $192,140,000. Massachusetts Financial Services Co. MA lifted its holdings in DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after acquiring an additional 781,058 shares during the last quarter. First Trust Advisors LP lifted its holdings in DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in DraftKings by 20.6% in the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after acquiring an additional 663,427 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $1.59 during trading on Thursday, reaching $33.65. The stock had a trading volume of 6,737,720 shares, compared to its average volume of 10,967,949. DraftKings Inc. has a 52 week low of $25.41 and a 52 week high of $49.57. The stock has a fifty day simple moving average of $36.85 and a two-hundred day simple moving average of $40.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $29.25 billion, a price-to-earnings ratio of -27.17 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The business’s revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.17) EPS. As a group, analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on DKNG shares. BMO Capital Markets cut their target price on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Wednesday. Susquehanna lowered their target price on DraftKings from $49.00 to $47.00 and set a “positive” rating on the stock in a report on Thursday, August 1st. Benchmark dropped their target price on shares of DraftKings from $52.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, The Goldman Sachs Group decreased their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.44.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the sale, the insider now owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold 1,383,546 shares of company stock worth $52,889,617 in the last ninety days. Insiders own 51.19% of the company’s stock.

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.