State of Wyoming Grows Stock Holdings in DraftKings Inc. $DKNG

State of Wyoming increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 564.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,758 shares of the company’s stock after purchasing an additional 26,132 shares during the period. State of Wyoming’s holdings in DraftKings were worth $665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Viking Global Investors LP purchased a new stake in DraftKings in the third quarter valued at $561,125,000. Capital World Investors raised its stake in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after buying an additional 8,524,923 shares during the last quarter. Norges Bank acquired a new position in shares of DraftKings in the 4th quarter valued at about $284,466,000. Finally, AQR Capital Management LLC lifted its holdings in shares of DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after buying an additional 4,788,337 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Barclays raised their target price on DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target on shares of DraftKings in a report on Monday, May 11th. Weiss Ratings lowered DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. HSBC upgraded DraftKings from a “hold” rating to a “hold” rating in a research report on Friday, April 24th. Finally, Truist Financial cut their target price on shares of DraftKings from $30.00 to $29.00 and set a “buy” rating for the company in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $34.37.

DraftKings Price Performance

Shares of DraftKings stock opened at $22.81 on Friday. 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 Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The business has a 50-day moving average price of $25.70 and a 200 day moving average price of $25.77. The firm has a market cap of $11.32 billion, a PE ratio of 380.17 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last issued 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 business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’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 company posted ($0.07) EPS. Sell-side analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,596 shares of company stock worth $2,756,991 in the last quarter. 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.