Future Fund LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Future Fund LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 20,610 shares of the company’s stock, valued at approximately $736,000. DraftKings makes up 2.2% of Future Fund LLC’s investment portfolio, making the stock its 23rd biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LRI Investments LLC acquired a new stake in DraftKings during the 1st quarter worth $31,000. Alta Advisers Ltd acquired a new stake in DraftKings during the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings during the 2nd quarter worth $39,000. St. Johns Investment Management Company LLC acquired a new stake in DraftKings during the 2nd quarter worth $46,000. Finally, V Square Quantitative Management LLC acquired a new stake in DraftKings during the 3rd quarter worth $46,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Down 3.5 %

DKNG stock opened at $41.71 on Wednesday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a market cap of $36.64 billion, a P/E ratio of -47.40 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average price is $38.00 and its 200 day moving average price is $37.91.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, research analysts expect that DraftKings Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. TD Cowen lifted their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Susquehanna lifted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Macquarie lifted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.64.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’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 value 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 $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock valued at $39,966,465 over the last quarter. Corporate insiders own 48.94% of the company’s stock.

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.