Harbert Fund Advisors Inc. Takes $1.12 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Harbert Fund Advisors Inc. bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,000 shares of the company's stock, valued at approximately $1,116,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pine Valley Investments Ltd Liability Co grew its stake in DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company's stock valued at $271,000 after acquiring an additional 249 shares during the period. Claro Advisors LLC lifted its stake in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after buying an additional 264 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after purchasing an additional 271 shares in the last quarter. Westside Investment Management Inc. boosted its position in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after buying an additional 288 shares during the period. Finally, Nvwm LLC raised its position in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after buying an additional 312 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DKNG. Cowen reaffirmed a "buy" rating on shares of DraftKings in a research report on Tuesday, February 4th. Susquehanna dropped their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a research note on Wednesday, January 8th. Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Stifel Nicolaus upped their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Finally, JMP Securities set a $57.00 target price on shares of DraftKings in a report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.27.

Remove Ads

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares of the company's stock, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction 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 transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents 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 2,575,525 shares of company stock valued at $109,441,446 over the last ninety days. 51.19% of the stock is owned by corporate insiders.

DraftKings Trading Down 2.0 %

DKNG stock traded down $0.69 during trading on Tuesday, hitting $33.54. The company had a trading volume of 11,694,701 shares, compared to its average volume of 9,801,126. The stock has a market cap of $16.77 billion, a PE ratio of -31.64, a PEG ratio of 1.43 and a beta of 2.16. The business has a 50-day moving average of $39.94 and a 200-day moving average of $39.84. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.