Virtu Financial LLC Acquires 37,528 Shares of DraftKings Inc. (NASDAQ:DKNG)

Virtu Financial LLC boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 68.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,493 shares of the company’s stock after purchasing an additional 37,528 shares during the period. Virtu Financial LLC’s holdings in DraftKings were worth $3,530,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of DKNG. Norges Bank acquired a new stake in DraftKings in the 4th quarter valued at $192,140,000. First Trust Advisors LP boosted its stake in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of DraftKings in the 4th quarter valued at $87,829,000. Vanguard Group Inc. grew its holdings in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

NASDAQ DKNG opened at $38.24 on Tuesday. 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 has a market cap of $33.24 billion, a price-to-earnings ratio of -32.41 and a beta of 1.80. The business has a 50 day simple moving average of $35.28 and a 200 day simple moving average of $39.54. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business earned ($0.17) EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. Analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on DKNG. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research report on Tuesday, September 10th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Monday. Morgan Stanley restated an “overweight” rating and set a $47.00 price target on shares of DraftKings in a research report on Wednesday, September 11th. Bank of America cut their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Berenberg Bank upgraded DraftKings to a “hold” rating in a report on Friday, May 31st. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $49.78.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated 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 directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock valued at $44,784,070 over the last three months. Company insiders own 51.19% of the company’s stock.

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.