Stableford Capital II LLC Makes New $835,000 Investment in DraftKings Inc. $DKNG

Stableford Capital II LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 33,052 shares of the company’s stock, valued at approximately $835,000.

Several other hedge funds have also made changes to their positions in DKNG. Vanguard Group Inc. increased its holdings in shares of DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after buying an additional 1,354,457 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in DraftKings by 9.3% in the first quarter. Janus Henderson Group PLC now owns 27,665,699 shares of the company’s stock valued at $588,288,000 after acquiring an additional 2,351,790 shares during the last quarter. Viking Global Investors LP lifted its holdings in DraftKings by 27.4% in the fourth quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after acquiring an additional 4,116,561 shares during the last quarter. Capital World Investors grew its position in DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after acquiring an additional 12,008,357 shares during the period. Finally, AQR Capital Management LLC grew its position in DraftKings by 41.0% in the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after acquiring an additional 4,788,337 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 0.1%

Shares of NASDAQ DKNG opened at $23.50 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The business’s 50 day moving average is $25.50 and its two-hundred day moving average is $25.22. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The firm has a market cap of $11.66 billion, a price-to-earnings ratio of 391.67 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 return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. Research analysts predict that DraftKings Inc. will post 0.54 EPS for the current year.

Insider Activity

In related news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

DKNG has been the topic of a number of research analyst reports. Mizuho lifted their target price on DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Weiss Ratings cut DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Stephens started coverage on DraftKings in a report on Friday, April 24th. They set an “overweight” rating for the company. Deutsche Bank Aktiengesellschaft raised their price objective on DraftKings from $26.00 to $28.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of DraftKings in a report on Thursday, June 11th. One 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.37.

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.