Ieq Capital LLC Increases Stock Position in DraftKings Inc. $DKNG

Ieq Capital LLC raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,113,232 shares of the company’s stock after buying an additional 219,198 shares during the quarter. Ieq Capital LLC’s holdings in DraftKings were worth $72,822,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its position in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after purchasing an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares during the last quarter. Empowered Funds LLC raised its position in shares of DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after purchasing an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of DraftKings in the 2nd quarter worth about $603,000. Finally, Daiwa Securities Group Inc. raised its position in shares of DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after purchasing an additional 968 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Key Stories Impacting DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DKNG. BMO Capital Markets lifted their price target on DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Scotiabank raised DraftKings to an “outperform” rating in a research report on Friday, April 24th. Oppenheimer lowered their price target on DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, February 17th. Bank of America lowered their price target on DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Finally, Northland Securities set a $27.00 price target on DraftKings in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $34.21.

DraftKings Trading Down 3.4%

DraftKings stock opened at $29.00 on Friday. The business has a 50-day simple moving average of $24.47 and a two-hundred day simple moving average of $27.57. The company has a market cap of $14.39 billion, a P/E ratio of 483.33 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 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 released its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Analysts predict that DraftKings Inc. will post 0.6 EPS for the current year.

Insider Transactions at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the business’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 sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the business’s 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 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. Over the last 90 days, insiders have sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.

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.