Empirical Asset Management LLC Acquires New Position in DraftKings Inc. (NASDAQ:DKNG)

Empirical Asset Management LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 11,532 shares of the company's stock, valued at approximately $429,000.

Other hedge funds have also made changes to their positions in the company. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings during the 3rd quarter worth approximately $43,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings in the 3rd quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV lifted its stake in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Eastern Bank acquired a new stake in shares of DraftKings during the 3rd quarter worth about $59,000. Finally, Quarry LP purchased a new stake in DraftKings in the 2nd quarter valued at about $87,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of DKNG stock traded down $0.39 during trading hours on Friday, hitting $39.29. The stock had a trading volume of 7,138,308 shares, compared to its average volume of 6,983,014. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $34.60 billion, a PE ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The stock's 50 day moving average is $40.65 and its 200 day moving average is $37.97. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, research analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the business's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company's stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company's stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock valued at $41,303,025 in the last ninety days. Insiders own 48.94% of the company's stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several research analyst reports. JMP Securities lowered their target price on shares of DraftKings from $52.00 to $50.00 and set a "market outperform" rating for the company in a research note on Monday, January 6th. Wells Fargo & Company lifted their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. TD Cowen upped their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Susquehanna dropped their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research note on Wednesday, January 8th. Finally, Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.08.

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.