DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Private Advisor Group LLC

Private Advisor Group LLC grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 28.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 102,544 shares of the company’s stock after buying an additional 22,836 shares during the period. Private Advisor Group LLC’s holdings in DraftKings were worth $3,815,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after buying an additional 284,131 shares during the period. Baillie Gifford & Co. purchased a new position in shares of DraftKings in the fourth quarter valued at $246,765,000. FMR LLC increased its stake in DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the period. Fred Alger Management LLC lifted its holdings in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after buying an additional 236,427 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Down 7.8 %

DraftKings stock opened at $45.57 on Monday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm’s fifty day moving average price is $41.41 and its two-hundred day moving average price is $39.40. The firm has a market capitalization of $22.33 billion, a price-to-earnings ratio of -42.99, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,160,591 shares of company stock valued at $46,945,158 in the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DKNG. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Truist Financial raised their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Argus set a $60.00 price objective on shares of DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $54.26.

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.