Keystone Financial Group Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Keystone Financial Group raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 171.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,030 shares of the company's stock after acquiring an additional 20,249 shares during the quarter. Keystone Financial Group's holdings in DraftKings were worth $1,192,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in DKNG. Sterling Capital Management LLC boosted its position in shares of DraftKings by 4.8% during the 4th quarter. Sterling Capital Management LLC now owns 167,596 shares of the company's stock valued at $6,235,000 after acquiring an additional 7,610 shares during the last quarter. Whetstone Capital Advisors LLC purchased a new position in shares of DraftKings in the 4th quarter worth $4,690,000. Harbert Fund Advisors Inc. bought a new stake in shares of DraftKings in the 4th quarter worth about $1,116,000. Treasurer of the State of North Carolina raised its position in shares of DraftKings by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 199,102 shares of the company's stock valued at $7,407,000 after buying an additional 1,250 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in shares of DraftKings by 2.3% in the 4th quarter. Neuberger Berman Group LLC now owns 2,617,674 shares of the company's stock valued at $97,377,000 after acquiring an additional 59,966 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

NASDAQ:DKNG traded down $0.01 during midday trading on Friday, hitting $33.61. The company's stock had a trading volume of 9,358,074 shares, compared to its average volume of 9,786,775. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm's 50 day moving average is $39.21 and its 200-day moving average is $39.68. The firm has a market cap of $29.68 billion, a P/E ratio of -31.71, a P/E/G ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. Equities analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Cfra Research upgraded DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. Wells Fargo & Company upped their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. BTIG Research set a $59.00 price objective on shares of DraftKings in a research report on Monday, February 3rd. Finally, Piper Sandler restated an "overweight" rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and an average target price of $55.27.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 666,651 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares of the company's stock, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,575,525 shares of company stock valued at $109,441,446. Corporate insiders own 51.19% of the company's stock.

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.