CIBC Private Wealth Group LLC Purchases 210,996 Shares of DraftKings Inc. (NASDAQ:DKNG)

CIBC Private Wealth Group LLC raised its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 27.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 985,926 shares of the company's stock after purchasing an additional 210,996 shares during the period. CIBC Private Wealth Group LLC owned 0.20% of DraftKings worth $37,810,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $37,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings during the third quarter worth approximately $43,000. Finally, YANKCOM Partnership bought a new position in shares of DraftKings in the 4th quarter worth $48,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Performance

NASDAQ:DKNG traded down $0.73 during trading hours on Friday, reaching $31.67. The stock had a trading volume of 18,103,217 shares, compared to its average volume of 9,664,830. The stock has a market cap of $15.83 billion, a P/E ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The stock has a 50 day simple moving average of $41.21 and a 200 day simple moving average of $40.15. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

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DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on DKNG shares. Wells Fargo & Company upped their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. BTIG Research set a $59.00 price target on shares of DraftKings in a research report on Monday, February 3rd. Morgan Stanley boosted their price objective on DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th. Finally, JMP Securities reiterated a "market outperform" rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.42.

Insider Activity

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction on Tuesday, February 25th. The stock was 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 directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction 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 sale, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last quarter. Company insiders own 51.19% of the company's stock.

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.