Oak Thistle LLC Buys 35,310 Shares of DraftKings Inc. $DKNG

Oak Thistle LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 75.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,916 shares of the company’s stock after acquiring an additional 35,310 shares during the period. Oak Thistle LLC’s holdings in DraftKings were worth $3,064,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of DKNG. TD Private Client Wealth LLC increased its position in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Summit Securities Group LLC grew its stake in shares of DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in DraftKings during the second quarter worth $45,000. Delos Wealth Advisors LLC acquired a new position in DraftKings during the second quarter worth $47,000. Finally, Ameritas Advisory Services LLC bought a new stake in DraftKings during the second quarter worth $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other DraftKings news, Director Harry Sloan bought 25,000 shares of DraftKings stock in a transaction dated Tuesday, November 11th. The stock was bought at an average price of $30.30 per share, with a total value of $757,500.00. Following the completion of the transaction, the director owned 249,712 shares in the company, valued at $7,566,273.60. The trade was a 11.13% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $29.23, for a total transaction of $246,145.83. Following the completion of the transaction, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 166,752 shares of company stock valued at $5,387,153. Corporate insiders own 47.08% of the company’s stock.

DraftKings Trading Down 3.0%

Shares of DKNG stock opened at $34.54 on Wednesday. The firm has a 50 day moving average price of $32.38 and a two-hundred day moving average price of $38.93. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The company has a market capitalization of $17.19 billion, a PE ratio of -60.60, a price-to-earnings-growth ratio of 2.95 and a beta of 1.60. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DKNG. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. Benchmark reiterated a “buy” rating on shares of DraftKings in a research note on Monday, November 17th. BTIG Research boosted their price target on DraftKings from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $48.00 to $35.00 in a research note on Tuesday, November 4th. Finally, Barclays cut their price objective on DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Twenty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.48.

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.