The Manufacturers Life Insurance Company Purchases 91,436 Shares of DraftKings Inc. $DKNG

The Manufacturers Life Insurance Company grew its position in DraftKings Inc. (NASDAQ:DKNG) by 272.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 124,989 shares of the company’s stock after purchasing an additional 91,436 shares during the period. The Manufacturers Life Insurance Company’s holdings in DraftKings were worth $2,702,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its holdings in DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after purchasing an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after buying an additional 40,495 shares during the last quarter. Empowered Funds LLC lifted its position in shares of DraftKings by 18.0% during the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after buying an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of DraftKings during the 2nd quarter worth approximately $603,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after buying an additional 968 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Trending Headlines about DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings’ Predictions platform is expanding rapidly ahead of football season. CEO Jason Robins said annualized volume increased to approximately $11 billion in July from $2.3 billion in April, reinforcing the company’s strategy to become a broader nationwide sports-commerce platform. Prediction markets take center stage in latest round of quarterly earnings reports
• Positive Sentiment: Management said the core business remains positioned to generate roughly $1 billion in adjusted profit this year, providing flexibility to invest in Predictions. DraftKings also reaffirmed its full-year revenue outlook of $6.5 billion to $6.9 billion. DKNG Stock Slips After-Hours As Q2 Earnings Disappoint
• Positive Sentiment: Benchmark raised its DraftKings price target to $30 from $29 and maintained a Buy rating, citing potential upside from the Predictions rollout and the upcoming NFL season. DraftKings price target raised by Benchmark
• Neutral Sentiment: Second-quarter results were mixed: DraftKings reported $1.44 billion in revenue versus approximately $1.51 billion expected, while earnings per share of $0.09 exceeded the consensus estimate cited by some data providers. Full-year guidance was unchanged. DraftKings Reports Second Quarter Results
• Negative Sentiment: Revenue declined 4.6% year over year, and the company swung to a $67.6 million net loss from $157.9 million of profit a year earlier. Heavy promotional activity, along with unfavorable sports outcomes including the Knicks’ title run and World Cup results, pressured quarterly results. DraftKings Second-Quarter Revenue Falls, Hurt by Promotions

Insider Buying and Selling at DraftKings

In other news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 in the last quarter. 47.18% of the stock is owned by corporate insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $24.03 on Friday. The stock has a fifty day simple moving average of $25.37 and a two-hundred day simple moving average of $24.97. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The firm has a market cap of $11.92 billion, a price-to-earnings ratio of -63.24 and a beta of 1.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a negative net margin of 2.68% and a negative return on equity of 10.88%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. Analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of a number of research analyst reports. Susquehanna decreased their price target on DraftKings from $32.00 to $31.00 and set a “positive” rating for the company in a research report on Wednesday, July 1st. Mizuho boosted their price objective on DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Freedom Capital upgraded DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Wedbush assumed coverage on DraftKings in a research report on Friday, April 24th. They set an “outperform” rating for the company. Finally, Scotiabank upgraded DraftKings to an “outperform” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.14.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.