Grant Private Wealth Management Inc Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Grant Private Wealth Management Inc acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 23,454 shares of the company's stock, valued at approximately $872,000. DraftKings makes up approximately 0.9% of Grant Private Wealth Management Inc's holdings, making the stock its 26th largest position.

Other hedge funds have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in DraftKings by 4.2% during the third quarter. The Manufacturers Life Insurance Company now owns 25,660 shares of the company's stock valued at $1,006,000 after buying an additional 1,039 shares during the period. Townsquare Capital LLC grew its holdings in DraftKings by 4.3% during the third quarter. Townsquare Capital LLC now owns 12,126 shares of the company's stock valued at $475,000 after purchasing an additional 501 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in DraftKings by 9.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,890 shares of the company's stock worth $3,288,000 after buying an additional 7,055 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of DraftKings by 2.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company's stock valued at $58,038,000 after buying an additional 35,466 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of DraftKings by 18.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 20,104 shares of the company's stock valued at $788,000 after acquiring an additional 3,174 shares during the period. 37.70% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

DKNG has been the topic of several analyst reports. TD Cowen lowered their price target on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Cowen reiterated a "buy" rating on shares of DraftKings in a research note on Tuesday, February 4th. Stifel Nicolaus boosted their price objective on DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. JMP Securities set a $57.00 target price on DraftKings in a research report on Wednesday, April 2nd. Finally, Morgan Stanley boosted their price target on DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $54.69.

DraftKings Stock Down 0.6 %

Shares of DKNG traded down $0.21 during mid-day trading on Tuesday, hitting $32.68. The company's stock had a trading volume of 5,294,556 shares, compared to its average volume of 9,671,312. The firm has a market capitalization of $16.34 billion, a price-to-earnings ratio of -30.89, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. 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 company's 50-day moving average is $41.05 and its 200-day moving average is $40.13.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (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 forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares of the company's stock, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares of the company's stock, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock worth $117,241,446 in the last ninety days. 51.19% of the stock is owned by insiders.

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.