Deltec Asset Management LLC Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Deltec Asset Management LLC boosted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 258.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,000 shares of the company's stock after purchasing an additional 106,000 shares during the period. DraftKings comprises about 1.1% of Deltec Asset Management LLC's portfolio, making the stock its 25th largest holding. Deltec Asset Management LLC's holdings in DraftKings were worth $5,611,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $26,000. Montag A & Associates Inc. bought a new stake in shares of DraftKings during the 4th quarter valued at approximately $29,000. LRI Investments LLC bought a new stake in shares of DraftKings during the 1st quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new stake in DraftKings during the 1st quarter worth approximately $33,000. Finally, Concord Wealth Partners grew its holdings in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company's stock worth $35,000 after acquiring an additional 453 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus reissued a "buy" rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. BTIG Research upped their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, May 6th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of DraftKings from $34.00 to $35.00 and gave the stock a "hold" rating in a report on Monday, May 6th. Macquarie reduced their target price on shares of DraftKings from $52.00 to $50.00 and set an "outperform" rating for the company in a research note on Monday, August 5th. Finally, The Goldman Sachs Group reduced their target price on shares of DraftKings from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.44.

DraftKings Price Performance

DKNG traded up $0.62 on Wednesday, reaching $32.06. The company had a trading volume of 21,543,324 shares, compared to its average volume of 10,995,008. The business has a 50 day simple moving average of $36.85 and a 200 day simple moving average of $40.61. The company has a market cap of $27.87 billion, a price-to-earnings ratio of -27.17 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 52-week low of $25.41 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. DraftKings's quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the firm posted ($0.17) earnings per share. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of DraftKings stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,383,546 shares of company stock valued at $52,889,617. 51.19% of the stock is currently owned by corporate insiders.

About DraftKings

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.