Consolidated Investment Group LLC Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Consolidated Investment Group LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 45.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,500 shares of the company’s stock after buying an additional 19,000 shares during the period. Consolidated Investment Group LLC’s holdings in DraftKings were worth $2,251,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of DKNG. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the third quarter worth about $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings in the 3rd quarter worth approximately $46,000. Creative Financial Designs Inc. ADV grew its stake in shares of DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the period. Eastern Bank purchased a new position in shares of DraftKings during the 3rd quarter valued at approximately $59,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of DraftKings in the 4th quarter valued at $58,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays increased their price target on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. boosted their price objective on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Stock Performance

NASDAQ:DKNG opened at $41.34 on Friday. The company’s 50-day moving average is $40.59 and its two-hundred day moving average is $38.10. The firm has a market capitalization of $36.41 billion, a price-to-earnings ratio of -46.98, a PEG ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts forecast that DraftKings Inc. will post -0.9 EPS for the current year.

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.