Phoenix Financial Ltd. bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 22,361 shares of the company's stock, valued at approximately $832,000.
Other institutional investors have also added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new position in DraftKings during the fourth quarter worth $30,000. Synergy Investment Management LLC bought a new position in shares of DraftKings in the fourth quarter valued at $37,000. Westpac Banking Corp bought a new position in shares of DraftKings in the fourth quarter valued at $44,000. Finally, YANKCOM Partnership acquired a new position in shares of DraftKings during the fourth quarter valued at about $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on DKNG. TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research report on Tuesday, February 4th. BTIG Research set a $59.00 target price on DraftKings in a report on Monday, February 3rd. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. JMP Securities set a $57.00 price target on DraftKings in a research report on Wednesday, April 2nd. Finally, Morgan Stanley boosted their price objective on DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.27.
View Our Latest Research Report on DKNG
Insider Activity at DraftKings
In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred 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 $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,575,525 shares of company stock valued at $109,441,446 over the last three months. 51.19% of the stock is owned by corporate insiders.
DraftKings Price Performance
Shares of DKNG traded down $0.69 during midday trading on Tuesday, hitting $33.54. 11,691,788 shares of the company traded hands, compared to its average volume of 9,801,123. The stock has a 50-day moving average of $39.94 and a 200-day moving average of $39.84. 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 one year low of $28.69 and a one year high of $53.61. The firm has a market cap of $16.77 billion, a P/E ratio of -31.64, a PEG ratio of 1.43 and a beta of 2.16.
DraftKings (NASDAQ:DKNG - Get Free Report) last released 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%. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.
About DraftKings
(
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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