Gables Capital Management Inc. Makes New Investment in Draftkings Inc (NASDAQ:DKNG)

Gables Capital Management Inc. acquired a new position in shares of Draftkings Inc (NASDAQ:DKNG) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 33,580 shares of the company’s stock, valued at approximately $1,117,000.

Several other large investors also recently bought and sold shares of DKNG. Fulton Bank N. A. acquired a new stake in shares of Draftkings during the second quarter worth $239,000. Envestnet Asset Management Inc. acquired a new stake in shares of Draftkings during the second quarter worth $1,054,000. Carnegie Capital Asset Management LLC acquired a new stake in shares of Draftkings during the second quarter worth $10,509,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Draftkings during the second quarter worth $248,000. Finally, Carroll Financial Associates Inc. acquired a new stake in shares of Draftkings during the second quarter worth $138,000. Institutional investors and hedge funds own 9.25% of the company’s stock.

In other news, Director Woodrow Levin sold 50,000 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $38.80, for a total transaction of $1,940,000.00. Following the completion of the sale, the director now owns 229,810 shares of the company’s stock, valued at $8,916,628. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jason Park sold 76,128 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $38.80, for a total transaction of $2,953,766.40. Following the sale, the chief financial officer now directly owns 14,497 shares of the company’s stock, valued at approximately $562,483.60. The disclosure for this sale can be found here. Insiders have sold 1,471,338 shares of company stock valued at $57,087,914 in the last three months.

A number of research analysts recently issued reports on the stock. Susquehanna Bancshares boosted their target price on shares of Draftkings from $35.00 to $48.00 in a research report on Wednesday, June 3rd. Craig Hallum restated a “buy” rating on shares of Draftkings in a research report on Friday, June 12th. Canaccord Genuity boosted their target price on shares of Draftkings from $35.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. They noted that the move was a valuation call. Rosenblatt Securities assumed coverage on shares of Draftkings in a research report on Thursday, June 25th. They set a “buy” rating and a $60.00 target price for the company. Finally, Benchmark assumed coverage on shares of Draftkings in a research report on Friday. They set a “buy” rating and a $47.00 target price for the company. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $44.00.

Shares of Draftkings stock traded down $1.41 during trading hours on Friday, reaching $33.38. The stock had a trading volume of 14,551,697 shares, compared to its average volume of 11,083,830. The company’s 50 day simple moving average is $35.54. Draftkings Inc has a twelve month low of $9.76 and a twelve month high of $44.79.

Draftkings (NASDAQ:DKNG) last released its earnings results on Friday, May 15th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.15. As a group, sell-side analysts expect that Draftkings Inc will post -0.7 earnings per share for the current fiscal year.

About Draftkings

DraftKings Inc operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting, and iGaming opportunities. It is also involved the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Institutional Ownership by Quarter for Draftkings (NASDAQ:DKNG)

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