Mount Yale Investment Advisors LLC Purchases 6,221 Shares of DraftKings Inc. (NASDAQ:DKNG)

Mount Yale Investment Advisors LLC grew its position in DraftKings Inc. (NASDAQ:DKNG) by 42.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,812 shares of the company’s stock after purchasing an additional 6,221 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in DraftKings were worth $816,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall Wace LLP lifted its holdings in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of DraftKings by 1,048.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after buying an additional 1,723,819 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP bought a new position in shares of DraftKings during the second quarter worth $39,306,000. Finally, Kodai Capital Management LP purchased a new position in DraftKings during the first quarter valued at $41,276,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,220,536 shares of company stock valued at $46,110,465. 51.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research analyst reports. Morgan Stanley boosted their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. JPMorgan Chase & Co. increased their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Finally, Wells Fargo & Company increased their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.22.

DraftKings Price Performance

Shares of DKNG stock opened at $36.47 on Friday. The company has a market capitalization of $31.70 billion, a P/E ratio of -30.91 and a beta of 1.81. The company’s 50-day simple moving average is $37.24 and its two-hundred day simple moving average is $38.34. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. As a group, equities analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current year.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.