Scholtz & Company LLC Buys New Position in DraftKings Inc. (NASDAQ:DKNG)

Scholtz & Company LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 48,554 shares of the company's stock, valued at approximately $1,806,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after buying an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. grew its position in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after acquiring an additional 26,164 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of DraftKings by 2.5% in 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 acquiring an additional 35,466 shares during the period. Stifel Financial Corp increased its stake in shares of DraftKings by 27.7% during the 3rd quarter. Stifel Financial Corp now owns 195,628 shares of the company's stock worth $7,669,000 after purchasing an additional 42,431 shares during the last quarter. Finally, Bryn Mawr Capital Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at about $874,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Stifel Nicolaus upped their price objective on DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Benchmark increased their price target on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Piper Sandler reaffirmed an "overweight" rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Canaccord Genuity Group increased their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, TD Cowen decreased their price target on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $54.42.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares of the company's stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

NASDAQ DKNG traded down $0.73 on Friday, hitting $31.67. 18,103,217 shares of the company's stock were exchanged, compared to its average volume of 9,651,548. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The stock has a 50-day moving average of $41.21 and a 200-day moving average of $40.16. 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 stock has a market cap of $15.83 billion, a price-to-earnings ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16.

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

DraftKings Company 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.