OP Asset Management Ltd Invests $1.02 Million in DraftKings Inc. $DKNG

OP Asset Management Ltd purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 47,251 shares of the company’s stock, valued at approximately $1,022,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DKNG. Dagco Inc. bought a new position in DraftKings during the 4th quarter worth $26,000. Ameriflex Group Inc. boosted its position in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the period. Asset Dedication LLC acquired a new position in shares of DraftKings in the third quarter valued at about $37,000. Montag A & Associates Inc. grew its stake in shares of DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares in the last quarter. Finally, Aventura Private Wealth LLC bought a new position in DraftKings during the fourth quarter worth about $39,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 0.4%

Shares of DraftKings stock opened at $25.80 on Tuesday. The firm has a market capitalization of $12.80 billion, a PE ratio of 430.00 and a beta of 1.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm’s 50 day moving average is $25.13 and its 200 day moving average is $26.96. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 during 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%. DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS. Equities research analysts forecast that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on DKNG. Northland Securities set a $27.00 price objective on DraftKings in a research note on Monday, May 11th. Citigroup restated a “market outperform” rating on shares of DraftKings in a research report on Monday, June 22nd. TD Cowen restated a “buy” rating and set a $30.00 target price on shares of DraftKings in a research note on Monday, June 8th. JPMorgan Chase & Co. reduced their target price on DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, April 16th. Finally, Barclays lifted their price target on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a research note 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 given a Sell rating to the stock. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $34.27.

Insiders Place Their Bets

In related news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction 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 sale, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on 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 directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 97,596 shares of company stock worth $2,756,991. Insiders own 47.18% of the company’s stock.

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.