Grant Private Wealth Management Inc Invests $872,000 in DraftKings Inc. (NASDAQ:DKNG)

Grant Private Wealth Management Inc purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,454 shares of the company’s stock, valued at approximately $872,000. DraftKings makes up 0.9% of Grant Private Wealth Management Inc’s holdings, making the stock its 26th biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DKNG. Arete Wealth Advisors LLC lifted its holdings in DraftKings by 7.4% in the fourth quarter. Arete Wealth Advisors LLC now owns 8,336 shares of the company’s stock valued at $310,000 after acquiring an additional 576 shares during the period. Westpac Banking Corp purchased a new position in shares of DraftKings in the 4th quarter valued at about $44,000. Bryce Point Capital LLC purchased a new position in shares of DraftKings in the 4th quarter valued at about $1,574,000. Massachusetts Financial Services Co. MA lifted its stake in shares of DraftKings by 18.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock valued at $252,867,000 after purchasing an additional 1,036,763 shares during the period. Finally, Scholtz & Company LLC purchased a new stake in DraftKings during the fourth quarter worth about $1,806,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other news, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares in the company, valued at approximately $52,366,158. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

DKNG has been the subject of a number of research analyst reports. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. TD Cowen reduced their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Morgan Stanley boosted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

DraftKings Trading Up 3.7 %

Shares of DKNG opened at $34.43 on Thursday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The stock has a 50-day moving average price of $41.59 and a 200 day moving average price of $40.25. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company has a market capitalization of $17.21 billion, a P/E ratio of -32.48, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.