Credit Suisse AG raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) by 18.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 695,480 shares of the company’s stock after purchasing an additional 108,151 shares during the quarter. Credit Suisse AG owned 0.08% of DraftKings worth $13,464,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its holdings in shares of DraftKings by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 242,790 shares of the company’s stock worth $2,765,000 after purchasing an additional 4,431 shares during the period. WealthPLAN Partners LLC bought a new position in shares of DraftKings during the 1st quarter worth about $45,000. Carnegie Capital Asset Management LLC increased its holdings in shares of DraftKings by 4.0% during the 1st quarter. Carnegie Capital Asset Management LLC now owns 632,186 shares of the company’s stock worth $12,239,000 after purchasing an additional 24,561 shares during the period. Maryland State Retirement & Pension System increased its holdings in shares of DraftKings by 11.4% during the 1st quarter. Maryland State Retirement & Pension System now owns 27,986 shares of the company’s stock worth $542,000 after purchasing an additional 2,871 shares during the period. Finally, Alpine Global Management LLC bought a new position in shares of DraftKings during the 4th quarter worth about $117,000. Institutional investors own 30.57% of the company’s stock.
Insider Buying and Selling
In related news, insider R Stanton Dodge sold 211,108 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $6,358,572.96. Following the completion of the sale, the insider now directly owns 629,023 shares of the company’s stock, valued at $18,946,172.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other DraftKings news, insider R Stanton Dodge sold 211,108 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total value of $6,358,572.96. Following the completion of the sale, the insider now owns 629,023 shares of the company’s stock, valued at $18,946,172.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 311,207 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $34.30, for a total transaction of $10,674,400.10. Following the completion of the sale, the insider now directly owns 2,788,200 shares of the company’s stock, valued at approximately $95,635,260. The disclosure for this sale can be found here. Insiders sold a total of 961,426 shares of company stock valued at $29,194,911 over the last ninety days. Insiders own 51.19% of the company’s stock.
DraftKings Trading Up 3.3 %
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.07. The business had revenue of $874.93 million during the quarter, compared to the consensus estimate of $762.25 million. DraftKings had a negative net margin of 38.90% and a negative return on equity of 97.42%. On average, sell-side analysts anticipate that DraftKings Inc. will post -1.61 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on DKNG. Stifel Nicolaus lifted their target price on shares of DraftKings from $25.00 to $32.00 in a research report on Thursday, August 3rd. Morgan Stanley lifted their target price on shares of DraftKings from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, August 8th. Wells Fargo & Company upgraded shares of DraftKings from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $28.00 to $37.00 in a research report on Monday, August 7th. Susquehanna lifted their target price on shares of DraftKings from $39.00 to $40.00 in a research report on Monday, August 7th. Finally, Barclays lifted their target price on shares of DraftKings from $29.00 to $30.00 and gave the company an “equal weight” rating in a research report on Monday, August 7th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.58.
View Our Latest Report on DKNG
DraftKings Profile
DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.
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