Larson Financial Group LLC Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Larson Financial Group LLC boosted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 1,147.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,990 shares of the company's stock after buying an additional 47,823 shares during the period. Larson Financial Group LLC's holdings in DraftKings were worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Baillie Gifford & Co. purchased a new stake in shares of DraftKings in the fourth quarter worth about $246,765,000. Fred Alger Management LLC increased its holdings in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. FMR LLC lifted its stake in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company's stock worth $253,509,000 after purchasing an additional 826,626 shares in the last quarter. Mizuho Securities USA LLC bought a new position in DraftKings in the 3rd quarter valued at $28,028,000. Finally, Blue Whale Capital LLP boosted its holdings in DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company's stock valued at $64,475,000 after purchasing an additional 615,011 shares during the period. Institutional investors own 37.70% of the company's stock.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company'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 completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the sale, the insider now directly owns 4,140,509 shares of the company's stock, valued at approximately $168,146,070.49. This represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,783,488 shares of company stock worth $118,128,867 over the last quarter. 51.19% of the stock is owned by corporate insiders.

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DraftKings Trading Down 1.7 %

DraftKings stock traded down $0.69 during trading hours on Friday, reaching $39.41. The stock had a trading volume of 20,415,107 shares, compared to its average volume of 9,584,424. The stock has a market cap of $19.31 billion, a PE ratio of -37.18, a PEG ratio of 1.43 and a beta of 2.07. The company has a fifty day simple moving average of $42.06 and a 200-day simple moving average of $40.07. 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 52 week low of $28.69 and a 52 week high of $53.61.

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 the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DKNG. JPMorgan Chase & Co. increased their price objective on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. BTIG Research set a $59.00 price target on DraftKings in a report on Monday, February 3rd. Susquehanna cut their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a report on Wednesday, January 8th. Stifel Nicolaus raised their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Finally, Truist Financial lifted their target price on shares of DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.44.

About DraftKings

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.