Public Employees Retirement System of Ohio Invests $3.44 Million in DraftKings Inc. $DKNG

Public Employees Retirement System of Ohio purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 136,307 shares of the company’s stock, valued at approximately $3,443,000.

A number of other large investors also recently bought and sold shares of the business. Ascentis Independent Advisors bought a new position in DraftKings in the 1st quarter valued at $27,000. Basecamp Wealth Advisors LLC lifted its position in shares of DraftKings by 3,547.1% during the first quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock worth $27,000 after purchasing an additional 1,206 shares during the last quarter. CoreCap Advisors LLC lifted its position in shares of DraftKings by 336.5% during the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares during the last quarter. SHP Wealth Management purchased a new stake in shares of DraftKings during the fourth quarter valued at $42,000. Finally, Root Financial Partners LLC boosted its stake in shares of DraftKings by 208.0% during the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after purchasing an additional 1,874 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, insider Robert Dodge sold 62,500 shares of the 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 of the company’s stock, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jocelyn Moore sold 10,759 shares of DraftKings stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total value of $258,753.95. Following the completion of the transaction, the director owned 1,881 shares in the company, valued at $45,238.05. This represents a 85.12% decrease in their ownership of the stock. 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. Company insiders own 47.18% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of research analyst reports. Stifel Nicolaus cut their price target on shares of DraftKings from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Wall Street Zen downgraded shares of DraftKings from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Guggenheim reduced their target price on shares of DraftKings from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. UBS Group lifted their price target on shares of DraftKings from $43.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Finally, TD Cowen boosted their price target on DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.36.

DraftKings Stock Down 0.7%

Shares of DraftKings stock opened at $24.01 on Friday. The company has a debt-to-equity ratio of 3.22, a current ratio of 1.02 and a quick ratio of 1.02. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The firm’s 50-day moving average is $24.79 and its two-hundred day moving average is $24.49. The stock has a market cap of $11.92 billion, a price-to-earnings ratio of -63.18, a PEG ratio of 1.88 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same quarter in the previous year, the business posted $0.30 EPS. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, research analysts expect that DraftKings Inc. will post 0.51 earnings per share for the current fiscal year.

About DraftKings

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.