CastleKnight Management LP Acquires 23,300 Shares of DraftKings Inc. $DKNG

CastleKnight Management LP raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 17.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 155,000 shares of the company’s stock after purchasing an additional 23,300 shares during the period. CastleKnight Management LP’s holdings in DraftKings were worth $5,341,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. Dagco Inc. bought a new position in DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. boosted its stake in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the last quarter. Asset Dedication LLC bought a new position in DraftKings in the third quarter valued at approximately $37,000. Montag A & Associates Inc. boosted its stake in DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC bought a new position in DraftKings in the fourth quarter valued at approximately $39,000. 37.70% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is currently owned by company insiders.

DraftKings Trading Down 7.7%

DKNG opened at $26.32 on Thursday. The firm’s fifty day moving average is $24.76 and its two-hundred day moving average is $27.47. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $13.06 billion, a PE ratio of 438.67 and a beta of 1.66. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. Equities research analysts anticipate that DraftKings Inc. will post 0.6 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DKNG shares. TD Cowen reaffirmed a “buy” rating and issued a $30.00 price objective on shares of DraftKings in a research note on Monday, June 8th. Zacks Research upgraded shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. cut their target price on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, April 16th. Wells Fargo & Company reiterated an “overweight” rating and issued a $32.00 target price on shares of DraftKings in a report on Sunday, May 10th. Finally, Freedom Capital upgraded shares of DraftKings to a “strong-buy” rating in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

DraftKings Company 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.