Smith Thornton Advisors LLC Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Smith Thornton Advisors LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,552 shares of the company’s stock after buying an additional 360 shares during the period. Smith Thornton Advisors LLC’s holdings in DraftKings were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. TFB Advisors LLC lifted its holdings in shares of DraftKings by 3.4% in the 3rd quarter. TFB Advisors LLC now owns 18,009 shares of the company’s stock valued at $706,000 after buying an additional 589 shares during the period. Kornitzer Capital Management Inc. KS purchased a new position in DraftKings during the third quarter valued at approximately $8,742,000. Principal Financial Group Inc. lifted its holdings in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the period. Concurrent Investment Advisors LLC boosted its position in DraftKings by 5.0% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 15,297 shares of the company’s stock worth $600,000 after purchasing an additional 727 shares in the last quarter. Finally, QRG Capital Management Inc. grew its stake in shares of DraftKings by 11.8% during the 3rd quarter. QRG Capital Management Inc. now owns 57,433 shares of the company’s stock worth $2,251,000 after purchasing an additional 6,058 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Up 1.9 %

Shares of DraftKings stock opened at $38.98 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $34.25 billion, a P/E ratio of -43.80 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 company’s fifty day moving average is $37.45 and its two-hundred day moving average is $37.94.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. Analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated 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 completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 over the last 90 days. Company insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on DKNG shares. The Goldman Sachs Group dropped 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. JMP Securities reiterated a “market outperform” rating and set a $51.00 price target on shares of DraftKings in a research report on Monday, October 14th. Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Macquarie reissued an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. Finally, Truist Financial restated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.22.

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.