TFB Advisors LLC Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

TFB Advisors LLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 17.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,160 shares of the company’s stock after purchasing an additional 3,151 shares during the period. TFB Advisors LLC’s holdings in DraftKings were worth $787,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of DKNG. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the fourth quarter worth about $28,000. Kestra Private Wealth Services LLC raised its position in shares of DraftKings by 2.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 16,414 shares of the company’s stock worth $611,000 after acquiring an additional 387 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of DraftKings in the 4th quarter valued at approximately $2,855,000. Empowered Funds LLC boosted its position in shares of DraftKings by 12.9% during the fourth quarter. Empowered Funds LLC now owns 7,724 shares of the company’s stock valued at $287,000 after purchasing an additional 885 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in DraftKings in the fourth quarter worth $73,000. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock valued at $38,082,888 in the last ninety days. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DKNG. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Mizuho lifted their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

DraftKings Price Performance

Shares of DKNG opened at $43.44 on Wednesday. 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 fifty-two week low of $28.69 and a fifty-two week high of $49.57. The firm has a 50-day simple moving average of $40.32 and a 200-day simple moving average of $38.46. The company has a market capitalization of $21.18 billion, a price-to-earnings ratio of -49.36, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

DraftKings 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.