Roman Butler Fullerton & Co. Acquires 2,800 Shares of DraftKings Inc. (NASDAQ:DKNG)

Roman Butler Fullerton & Co. boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,079 shares of the company’s stock after purchasing an additional 2,800 shares during the quarter. Roman Butler Fullerton & Co.’s holdings in DraftKings were worth $1,033,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Romano Brothers AND Company bought a new stake in shares of DraftKings during the 3rd quarter worth about $1,181,000. Sanctuary Advisors LLC bought a new stake in shares of DraftKings during the second quarter worth approximately $1,530,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of DraftKings by 63.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after purchasing an additional 31,880 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of DraftKings by 14.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,400,331 shares of the company’s stock worth $94,093,000 after purchasing an additional 298,365 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in DraftKings by 4,495.7% during the 3rd quarter. International Assets Investment Management LLC now owns 272,479 shares of the company’s stock worth $10,681,000 after purchasing an additional 266,550 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Oppenheimer decreased their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Monday, September 23rd. Bank of America dropped their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group reduced their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Price Performance

DraftKings stock opened at $35.69 on Monday. The stock has a market capitalization of $31.36 billion, a price-to-earnings ratio of -40.10 and a beta of 1.83. DraftKings Inc. has a 52-week low of $27.67 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50 day moving average price is $37.33 and its two-hundred day moving average price is $38.01.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm 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 business’s revenue was up 26.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) earnings per share. On average, equities analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,220,536 shares of company stock valued at $46,110,465. 51.19% of the stock is owned by company insiders.

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.