Consolidated Investment Group LLC Buys Shares of 41,500 DraftKings Inc. (NASDAQ:DKNG)

Consolidated Investment Group LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 41,500 shares of the company's stock, valued at approximately $1,627,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DKNG. LRI Investments LLC purchased a new position in shares of DraftKings during the first quarter worth approximately $31,000. Alta Advisers Ltd bought a new stake in shares of DraftKings during the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings during the second quarter valued at about $39,000. V Square Quantitative Management LLC bought a new position in DraftKings in the third quarter worth about $46,000. Finally, Creative Financial Designs Inc. ADV lifted its holdings in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock worth $47,000 after buying an additional 320 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent research reports. UBS Group raised their price objective on DraftKings from $56.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Benchmark reaffirmed a "buy" rating and issued a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Mizuho raised their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. Finally, Susquehanna boosted their price target on DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.48.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Up 6.6 %

Shares of DKNG stock traded up $2.64 during trading hours on Monday, hitting $42.77. The company had a trading volume of 11,232,124 shares, compared to its average volume of 10,361,837. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company's fifty day moving average is $37.66 and its 200 day moving average is $37.91. The stock has a market capitalization of $37.58 billion, a PE ratio of -48.10 and a beta of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.12 billion. Research analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

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.