Brown Advisory Inc. Buys 4,048,680 Shares of DraftKings Inc. $DKNG

Brown Advisory Inc. raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 53,272.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 4,056,280 shares of the company’s stock after buying an additional 4,048,680 shares during the quarter. Brown Advisory Inc.’s holdings in DraftKings were worth $173,974,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. TD Private Client Wealth LLC raised its stake in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares in the last quarter. Summit Securities Group LLC grew its stake in DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after buying an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in DraftKings in the 2nd quarter valued at about $45,000. Ameritas Advisory Services LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at approximately $48,000. Finally, 1 North Wealth Services LLC bought a new stake in shares of DraftKings during the 1st quarter worth approximately $49,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. JMP Securities decreased their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Truist Financial dropped their price objective on DraftKings from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Sanford C. Bernstein reduced their price objective on DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research note on Monday, November 10th. Finally, BMO Capital Markets decreased their target price on DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $47.38.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Harry Sloan purchased 25,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were bought at an average price of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the acquisition, the director owned 249,712 shares in the company, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the completion of the sale, the insider directly owned 512,182 shares in the company, valued at approximately $17,332,238.88. This represents a 9.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 166,752 shares of company stock valued at $5,387,153. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 1.9%

Shares of DKNG stock opened at $35.19 on Friday. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61. The stock’s fifty day simple moving average is $32.69 and its 200 day simple moving average is $38.91. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The firm has a market capitalization of $17.52 billion, a P/E ratio of -61.74, a P/E/G ratio of 2.86 and a beta of 1.60.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.60) earnings per share. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings Company Profile

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.