DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Financial Enhancement Group LLC

Financial Enhancement Group LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 94.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,414 shares of the company's stock after purchasing an additional 45,922 shares during the period. Financial Enhancement Group LLC's holdings in DraftKings were worth $3,351,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of DraftKings during the 4th quarter worth about $192,140,000. First Trust Advisors LP boosted its position in shares of DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company's stock valued at $149,284,000 after acquiring an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. bought a new position in shares of DraftKings in the 4th quarter worth $87,829,000. Vanguard Group Inc. increased its stake in DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company's stock valued at $1,384,053,000 after acquiring an additional 2,225,759 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in DraftKings by 1,048.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company's stock worth $85,747,000 after purchasing an additional 1,723,819 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Trading Up 1.9 %

NASDAQ:DKNG traded up $0.63 on Wednesday, reaching $34.28. 5,706,283 shares of the stock traded hands, compared to its average volume of 10,735,799. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The company's 50 day moving average is $35.33 and its 200-day moving average is $39.82. The firm has a market capitalization of $30.12 billion, a price-to-earnings ratio of -29.05 and a beta of 1.81.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.11 billion. During the same period in the previous year, the business posted ($0.17) EPS. The business's revenue for the quarter was up 26.2% compared to the same quarter last year. Equities research analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now directly owns 2,699,815 shares of the company's stock, valued at $82,938,316.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold 1,470,537 shares of company stock worth $54,321,570 in the last quarter. 51.19% of the stock is owned by insiders.

Analyst Ratings Changes

DKNG has been the subject of a number of research analyst reports. Morgan Stanley lowered their target price on DraftKings from $51.00 to $47.00 and set an "overweight" rating for the company in a research note on Tuesday, August 13th. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of DraftKings in a research note on Tuesday. The Goldman Sachs Group decreased their price target on shares of DraftKings from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. BMO Capital Markets cut their price objective on DraftKings from $54.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Finally, UBS Group upped their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday. One investment 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 stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.52.

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.