The Manufacturers Life Insurance Company Acquires 91,436 Shares of DraftKings Inc. $DKNG

The Manufacturers Life Insurance Company lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 272.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,989 shares of the company’s stock after purchasing an additional 91,436 shares during the period. The Manufacturers Life Insurance Company’s holdings in DraftKings were worth $2,702,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Integrated Wealth Concepts LLC lifted its stake in DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after buying an additional 40,495 shares during the period. Empowered Funds LLC increased its stake in shares of DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after acquiring an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at $603,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of DraftKings by 2.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after acquiring an additional 968 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Key DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings’ Predictions platform is expanding rapidly ahead of football season. CEO Jason Robins said annualized volume increased to approximately $11 billion in July from $2.3 billion in April, reinforcing the company’s strategy to become a broader nationwide sports-commerce platform. Prediction markets take center stage in latest round of quarterly earnings reports
• Positive Sentiment: Management said the core business remains positioned to generate roughly $1 billion in adjusted profit this year, providing flexibility to invest in Predictions. DraftKings also reaffirmed its full-year revenue outlook of $6.5 billion to $6.9 billion. DKNG Stock Slips After-Hours As Q2 Earnings Disappoint
• Positive Sentiment: Benchmark raised its DraftKings price target to $30 from $29 and maintained a Buy rating, citing potential upside from the Predictions rollout and the upcoming NFL season. DraftKings price target raised by Benchmark
• Neutral Sentiment: Second-quarter results were mixed: DraftKings reported $1.44 billion in revenue versus approximately $1.51 billion expected, while earnings per share of $0.09 exceeded the consensus estimate cited by some data providers. Full-year guidance was unchanged. DraftKings Reports Second Quarter Results
• Negative Sentiment: Revenue declined 4.6% year over year, and the company swung to a $67.6 million net loss from $157.9 million of profit a year earlier. Heavy promotional activity, along with unfavorable sports outcomes including the Knicks’ title run and World Cup results, pressured quarterly results. DraftKings Second-Quarter Revenue Falls, Hurt by Promotions

Insider Activity

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the business’s 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 completion of the sale, the director directly 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 document filed with the SEC, which is accessible 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 completion of the sale, the insider directly owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This trade 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. In the last ninety days, insiders sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DKNG shares. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Stephens began coverage on shares of DraftKings in a research note on Friday, April 24th. They issued an “overweight” rating for the company. Barclays increased their price objective on shares of DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Citigroup restated a “market outperform” rating on shares of DraftKings in a research note on Monday, June 22nd. Finally, TD Cowen boosted their target price on DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, July 10th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.14.

DraftKings Stock Performance

DKNG opened at $24.03 on Friday. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a market cap of $11.92 billion, a price-to-earnings ratio of -63.24 and a beta of 1.66. The company’s fifty day moving average price is $25.37 and its two-hundred day moving average price is $24.97. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 analyst estimates of $1.63 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 10.88%. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) earnings per share. On average, analysts expect that DraftKings Inc. will post 0.54 EPS for the current fiscal year.

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.