Venture Visionary Partners LLC Acquires 67,740 Shares of DraftKings Inc. (NASDAQ:DKNG)

Venture Visionary Partners LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 159.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,330 shares of the company’s stock after buying an additional 67,740 shares during the period. Venture Visionary Partners LLC’s holdings in DraftKings were worth $4,325,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of DKNG. Vanguard Group Inc. boosted its position in DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after purchasing an additional 747,937 shares during the last quarter. Marshall Wace LLP grew its stake in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after buying an additional 441,975 shares during the last quarter. Lord Abbett & CO. LLC raised its position in DraftKings by 20.6% during the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after acquiring an additional 663,427 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after acquiring an additional 870,789 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock traded down $1.30 on Monday, reaching $37.16. The company had a trading volume of 11,841,542 shares, compared to its average volume of 10,397,972. The business’s 50-day moving average is $36.78 and its 200 day moving average is $38.60. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $32.30 billion, a PE ratio of -31.19 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) EPS. Equities research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,132,095 shares of company stock valued at $42,890,328 in the last 90 days. 51.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DKNG shares. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. Morgan Stanley reissued an “overweight” rating and set a $47.00 price target on shares of DraftKings in a research report on Wednesday, September 11th. Guggenheim cut their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Truist Financial reissued a “buy” rating and set a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Finally, JMP Securities restated a “market outperform” rating and issued a $51.00 price target on shares of DraftKings in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.19.

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.