DraftKings Inc. (NASDAQ:DKNG) Position Lifted by First Dallas Securities Inc.

First Dallas Securities Inc. raised its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 64.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,800 shares of the company's stock after purchasing an additional 30,000 shares during the period. DraftKings makes up approximately 1.3% of First Dallas Securities Inc.'s holdings, making the stock its 24th largest holding. First Dallas Securities Inc.'s holdings in DraftKings were worth $2,931,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Transcendent Capital Group LLC purchased a new position in DraftKings in the 4th quarter worth $26,000. Montag A & Associates Inc. purchased a new position in shares of DraftKings in the fourth quarter worth about $29,000. LRI Investments LLC bought a new stake in shares of DraftKings in the 1st quarter valued at about $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings during the 1st quarter valued at about $33,000. Finally, Concord Wealth Partners grew its holdings in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company's stock worth $35,000 after purchasing an additional 453 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

NASDAQ DKNG traded up $1.45 during trading hours on Thursday, hitting $35.73. 9,075,418 shares of the company's stock traded hands, compared to its average volume of 10,725,375. The company has a market capitalization of $31.06 billion, a PE ratio of -30.28 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The firm's 50-day moving average is $35.30 and its 200-day moving average is $39.79.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share 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 analyst estimates of $1.11 billion. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The firm's revenue for the quarter was up 26.2% compared to the same quarter last year. Equities analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Macquarie reissued an "outperform" rating and issued a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th. Berenberg Bank upgraded shares of DraftKings to a "hold" rating in a research report on Friday, May 31st. Bank of America lowered their price objective on DraftKings from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, July 22nd. BMO Capital Markets lowered their target price on shares of DraftKings from $54.00 to $48.00 and set an "outperform" rating on the stock in a research note on Friday, August 2nd. Finally, Morgan Stanley cut their price objective on shares of DraftKings from $51.00 to $47.00 and set an "overweight" rating for the company in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $49.52.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Paul Liberman sold 668,890 shares of the business's stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company's stock, valued at approximately $7,997,504.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry Sloan sold 250,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now owns 250,000 shares of the company's stock, valued at approximately $9,537,500. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,470,537 shares of company stock worth $54,321,570. 51.19% of the stock is currently owned by company 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.