DraftKings Inc. $DKNG Shares Bought by Bamco Inc. NY

Bamco Inc. NY boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,674,455 shares of the company’s stock after buying an additional 568,487 shares during the period. Bamco Inc. NY’s holdings in DraftKings were worth $161,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after buying an additional 1,354,457 shares in the last quarter. Citigroup Inc. grew its stake in DraftKings by 40.6% during the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after purchasing an additional 560,139 shares during the last quarter. Bedell Frazier Investment Counselling LLC purchased a new stake in DraftKings during the 3rd quarter valued at about $4,492,000. Waycross Partners LLC purchased a new stake in DraftKings during the 4th quarter valued at about $2,584,000. Finally, DAVENPORT & Co LLC grew its stake in DraftKings by 11.2% during the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after purchasing an additional 348,333 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred 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 transaction, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their position. 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. Insiders have sold 97,596 shares of company stock worth $2,756,991 in the last quarter. 47.18% of the stock is currently owned by company insiders.

DraftKings Stock Down 7.7%

DraftKings stock opened at $26.32 on Thursday. The firm has a market cap of $13.06 billion, a price-to-earnings ratio of 438.67 and a beta of 1.66. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The business’s 50-day moving average price is $24.76 and its 200 day moving average price is $27.47. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last posted its 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). The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s revenue was up 16.8% on a year-over-year basis. During the same period last year, the business earned ($0.07) earnings per share. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on DKNG. Deutsche Bank Aktiengesellschaft downgraded DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. Zacks Research upgraded DraftKings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Morgan Stanley reiterated an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. Berenberg Bank set a $26.40 price target on DraftKings in a research note on Tuesday, February 24th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of DraftKings in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.21.

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.