Public Employees Retirement System of Ohio Makes New $3.44 Million Investment in DraftKings Inc. $DKNG

Public Employees Retirement System of Ohio bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 136,307 shares of the company’s stock, valued at approximately $3,443,000.

A number of other hedge funds have also recently made changes to their positions in DKNG. IHT Wealth Management LLC lifted its stake in shares of DraftKings by 4.1% in the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after buying an additional 248 shares in the last quarter. Orion Porfolio Solutions LLC increased its position in shares of DraftKings by 3.1% during the third quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock valued at $397,000 after acquiring an additional 321 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of DraftKings by 3.8% during the fourth quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock valued at $357,000 after acquiring an additional 379 shares in the last quarter. Centaurus Financial Inc. raised its holdings in DraftKings by 4.1% in the 3rd quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock worth $393,000 after acquiring an additional 410 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its holdings in DraftKings by 1.8% in the 2nd quarter. Rafferty Asset Management LLC now owns 23,629 shares of the company’s stock worth $1,013,000 after acquiring an additional 421 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DKNG shares. Susquehanna dropped their target price on shares of DraftKings from $32.00 to $31.00 and set a “positive” rating on the stock in a report on Wednesday, July 1st. Jefferies Financial Group reiterated a “buy” rating on shares of DraftKings in a research note on Wednesday, June 10th. Northland Securities set a $28.00 price target on DraftKings in a report on Monday, August 10th. Wells Fargo & Company dropped their price target on DraftKings from $32.00 to $29.00 and set an “overweight” rating on the stock in a research note on Monday, July 20th. Finally, Mizuho lifted their price objective on DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.36.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 10,759 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total transaction of $258,753.95. Following the transaction, the director owned 1,881 shares of the company’s stock, valued at approximately $45,238.05. The trade was a 85.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 47.18% of the company’s stock.

DraftKings Price Performance

NASDAQ:DKNG opened at $24.01 on Friday. The business’s 50-day moving average is $24.79 and its 200 day moving average is $24.49. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a market capitalization of $11.92 billion, a P/E ratio of -63.18, a P/E/G ratio of 1.88 and a beta of 1.63. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, August 7th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter last year, the business earned $0.30 earnings per share. DraftKings’s quarterly revenue was down 4.6% compared to the same quarter last year. On average, equities research analysts forecast that DraftKings Inc. will post 0.51 earnings per share for the current fiscal year.

DraftKings Company Profile

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.