CastleKnight Management LP Has $5.34 Million Stock Holdings in DraftKings Inc. $DKNG

CastleKnight Management LP increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 17.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 155,000 shares of the company’s stock after purchasing an additional 23,300 shares during the period. CastleKnight Management LP’s holdings in DraftKings were worth $5,341,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in DKNG. Dagco Inc. acquired a new stake in shares of DraftKings during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. increased its holdings in shares of DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares in the last quarter. Asset Dedication LLC acquired a new stake in shares of DraftKings during the third quarter worth approximately $37,000. Montag A & Associates Inc. increased its holdings in shares of DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after buying an additional 500 shares in the last quarter. Finally, Aventura Private Wealth LLC acquired a new stake in shares of DraftKings during the fourth quarter worth approximately $39,000. 37.70% of the stock is owned by institutional investors.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 97,596 shares of company stock worth $2,756,991 over the last three months. 47.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several recent analyst reports. HSBC raised shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. Wedbush initiated coverage on shares of DraftKings in a report on Friday, April 24th. They set an “outperform” rating for the company. UBS Group raised their price objective on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Finally, Susquehanna dropped their price objective on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

DraftKings Price Performance

DKNG opened at $26.32 on Thursday. DraftKings Inc. has a one year low of $20.46 and a one year high of $48.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The company’s 50 day simple moving average is $24.76 and its 200-day simple moving average is $27.47. The stock has a market capitalization of $13.06 billion, a P/E ratio of 438.67 and a beta of 1.66.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the company earned ($0.07) earnings per share. DraftKings’s revenue for the quarter was up 16.8% compared to the same quarter last year. Sell-side analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.