Assetmark Inc. boosted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 13.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 214,449 shares of the company's stock after acquiring an additional 25,884 shares during the period. Assetmark Inc.'s holdings in DraftKings were worth $7,978,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the fourth quarter worth about $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the fourth quarter valued at approximately $30,000. Synergy Investment Management LLC bought a new stake in DraftKings during the fourth quarter worth approximately $37,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings in the third quarter worth approximately $43,000. Finally, YANKCOM Partnership bought a new position in DraftKings during the 4th quarter valued at $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
DraftKings Stock Performance
DKNG stock traded down $2.34 during midday trading on Monday, hitting $37.07. 1,877,261 shares of the company traded hands, compared to its average volume of 9,556,542. The business has a 50 day simple moving average of $42.06 and a 200-day simple moving average of $40.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market capitalization of $18.16 billion, a price-to-earnings ratio of -34.97, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the company. Benchmark upped their price objective on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Friday, February 14th. Barclays raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. JMP Securities restated a "market outperform" rating and set a $50.00 target price on shares of DraftKings in a report on Friday, February 14th. Finally, Piper Sandler reiterated an "overweight" rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.44.
Check Out Our Latest Research Report on DraftKings
Insider Activity at DraftKings
In other news, insider Paul Liberman sold 532,095 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares of the company's stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,554,992 shares of company stock worth $108,362,948 in the last 90 days. 51.19% of the stock is owned by company insiders.
About DraftKings
(
Free Report)
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.
Further Reading
Before you consider DraftKings, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DraftKings wasn't on the list.
While DraftKings currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
