Neo Ivy Capital Management Makes New $1.13 Million Investment in DraftKings Inc. $DKNG

Neo Ivy Capital Management purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 26,275 shares of the company’s stock, valued at approximately $1,127,000.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in DraftKings by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock valued at $1,876,924,000 after acquiring an additional 670,884 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after purchasing an additional 130,434 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of DraftKings by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock valued at $385,552,000 after purchasing an additional 458,452 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after purchasing an additional 1,756,778 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 4.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,393,947 shares of the company’s stock worth $317,126,000 after buying an additional 295,306 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 0.1%

NASDAQ DKNG opened at $29.00 on Friday. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The stock has a 50 day moving average of $34.81 and a 200-day moving average of $39.16. The company has a market cap of $14.44 billion, a PE ratio of -50.88, a PEG ratio of 2.40 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.60) earnings per share. On average, equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on DKNG. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and dropped their target price for the company from $48.00 to $35.00 in a research report on Tuesday, November 4th. Sanford C. Bernstein decreased their price target on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Guggenheim cut their price objective on shares of DraftKings from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Wells Fargo & Company started coverage on shares of DraftKings in a report on Tuesday. They set an “equal weight” rating and a $31.00 target price for the company. Finally, Zacks Research downgraded shares of DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.38.

Insider Activity

In other news, Director Gregory Westin Wendt bought 10,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were bought at an average cost of $30.27 per share, with a total value of $302,700.00. Following the acquisition, the director owned 10,000 shares in the company, valued at $302,700. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry Sloan purchased 25,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average price of $30.30 per share, with a total value of $757,500.00. Following the acquisition, the director directly owned 249,712 shares of the company’s stock, valued at $7,566,273.60. This trade represents a 11.13% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 219,529 shares of company stock valued at $8,601,273 in the last 90 days. 51.19% of the stock is owned by company insiders.

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.