DraftKings Inc. (NASDAQ:DKNG) Position Increased by First Dallas Securities Inc.

First Dallas Securities Inc. increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,800 shares of the company’s stock after acquiring an additional 3,725 shares during the period. First Dallas Securities Inc.’s holdings in DraftKings were worth $2,125,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of DKNG. Highlander Capital Management LLC grew its position in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. bought a new position in DraftKings in the fourth quarter valued at approximately $29,000. FSC Wealth Advisors LLC bought a new position in DraftKings during the 4th quarter worth about $37,000. Finally, Householder Group Estate & Retirement Specialist LLC raised its position in DraftKings by 154.2% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after buying an additional 737 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ DKNG traded up $1.06 during trading hours on Friday, hitting $38.17. The company’s stock had a trading volume of 13,803,609 shares, compared to its average volume of 10,248,119. The company has a market cap of $33.18 billion, a P/E ratio of -32.35 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The company’s 50 day simple moving average is $40.67 and its two-hundred day simple moving average is $40.56. DraftKings Inc. has a 12 month low of $24.97 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.87) earnings per share. As a group, sell-side analysts expect that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 668,890 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,520,340 shares of company stock valued at $60,996,583. 51.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Susquehanna lowered their price target on DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research report on Wednesday, June 5th. Jefferies Financial Group raised their price target on shares of DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Benchmark raised their price target on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. JMP Securities restated a “market outperform” rating and set a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. Finally, Stifel Nicolaus cut their price objective on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.24.

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.