XML Financial LLC Acquires New Position in DraftKings Inc. (NASDAQ:DKNG)

XML Financial LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,148 shares of the company’s stock, valued at approximately $202,000.

Several other large investors have also recently made changes to their positions in DKNG. Janney Montgomery Scott LLC increased its stake in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after buying an additional 128,676 shares during the period. Sanctuary Advisors LLC purchased a new position in DraftKings during the 2nd quarter valued at about $1,530,000. Romano Brothers AND Company bought a new position in DraftKings during the 3rd quarter valued at approximately $1,181,000. US Bancorp DE grew its position in shares of DraftKings by 110.2% in the 3rd quarter. US Bancorp DE now owns 859,715 shares of the company’s stock worth $33,701,000 after buying an additional 450,773 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after buying an additional 31,880 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Up 7.7 %

DKNG opened at $43.21 on Tuesday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. 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 stock has a market cap of $37.96 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The firm’s fifty day moving average is $37.83 and its 200 day moving average is $37.92.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. On average, sell-side analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock worth $39,966,465 in the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of research analyst reports. Morgan Stanley boosted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Truist Financial restated a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday. Finally, Bank of America dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.48.

About DraftKings

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.