Harbor Investment Advisory LLC Raises Holdings in DraftKings Inc. (NASDAQ:DKNG)

Harbor Investment Advisory LLC increased its position in DraftKings Inc. (NASDAQ:DKNG) by 17.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,217 shares of the company’s stock after buying an additional 5,056 shares during the period. Harbor Investment Advisory LLC’s holdings in DraftKings were worth $1,273,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Pine Valley Investments Ltd Liability Co boosted its position in DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the last quarter. Claro Advisors LLC lifted its stake in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares during the last quarter. Creative Financial Designs Inc. ADV increased its stake in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the period. Finally, Arthur M. Cohen & Associates LLC raised its holdings in shares of DraftKings by 3.8% during the fourth quarter. Arthur M. Cohen & Associates LLC now owns 9,670 shares of the company’s stock worth $360,000 after purchasing an additional 355 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. The trade was a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,052,183 shares of company stock valued at $41,303,025. 48.94% of the stock is owned by company insiders.

DraftKings Trading Down 1.0 %

DKNG opened at $39.29 on Tuesday. The company has a market cap of $34.60 billion, a P/E ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The business’s 50-day simple moving average is $40.65 and its 200-day simple moving average is $37.98.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities research analysts expect that DraftKings Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. JMP Securities cut their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, January 6th. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

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.