Kovitz Investment Group Partners LLC raised its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 366.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,180 shares of the company's stock after acquiring an additional 21,355 shares during the period. Kovitz Investment Group Partners LLC's holdings in DraftKings were worth $1,065,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of DKNG. Alta Advisers Ltd acquired a new stake in shares of DraftKings during the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings during the second quarter valued at approximately $39,000. St. Johns Investment Management Company LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at approximately $46,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $46,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of DraftKings during the 2nd quarter worth approximately $47,000. Institutional investors own 37.70% of the company's stock.
DraftKings Trading Down 0.5 %
Shares of DraftKings stock traded down $0.20 on Thursday, hitting $41.45. 3,124,611 shares of the company's stock traded hands, compared to its average volume of 10,135,062. The firm's 50-day moving average price is $39.99 and its two-hundred day moving average price is $37.92. 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 stock has a market capitalization of $36.50 billion, a PE ratio of -47.33 and a beta of 1.87. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. On average, research analysts expect that DraftKings Inc. will post -0.79 EPS for the current fiscal year.
Insider Activity
In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated 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 transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock valued at $39,668,077 in the last ninety days. 51.19% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on DKNG. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Truist Financial restated a "buy" rating and issued a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Benchmark reaffirmed a "buy" rating and set a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. Finally, Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and an average target price of $51.04.
Read Our Latest Report on DKNG
DraftKings Company Profile
(
Free Report)
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.
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