Foundations Investment Advisors LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Foundations Investment Advisors LLC grew its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 144.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,797 shares of the company's stock after purchasing an additional 20,559 shares during the period. Foundations Investment Advisors LLC's holdings in DraftKings were worth $1,328,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in DKNG. Transcendent Capital Group LLC purchased a new stake in DraftKings in the 4th quarter worth $26,000. Montag A & Associates Inc. acquired a new position in DraftKings during the fourth quarter worth about $29,000. LRI Investments LLC acquired a new stake in shares of DraftKings in the first quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new position in shares of DraftKings during the 1st quarter worth $33,000. Finally, Concord Wealth Partners boosted its position in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company's stock valued at $35,000 after acquiring an additional 453 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Price Performance

NASDAQ:DKNG traded down $0.62 on Friday, hitting $35.11. The company had a trading volume of 9,821,015 shares, compared to its average volume of 10,720,806. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The firm has a 50 day moving average of $35.30 and a two-hundred day moving average of $39.79. The stock has a market capitalization of $30.52 billion, a price-to-earnings ratio of -30.28 and a beta of 1.80.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on DKNG. Truist Financial reaffirmed a "buy" rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, July 22nd. The Goldman Sachs Group reduced their price target on shares of DraftKings from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Monday, August 5th. Wells Fargo & Company dropped their price objective on shares of DraftKings from $53.00 to $47.00 and set an "overweight" rating for the company in a report on Monday, August 5th. Finally, Oppenheimer dropped their price target on shares of DraftKings from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.52.

Insider Activity

In other news, Director Harry Sloan sold 250,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares of the company's stock, valued at $9,537,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the company's stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company's stock, valued at $7,997,504.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harry Sloan sold 250,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at $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 valued at $54,321,570. Corporate insiders own 51.19% of the company's stock.

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.