78,604 Shares in DraftKings Inc. (NASDAQ:DKNG) Bought by Proficio Capital Partners LLC

Proficio Capital Partners LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 78,604 shares of the company's stock, valued at approximately $2,924,000.

A number of other large investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after buying an additional 284,131 shares during the last quarter. Baillie Gifford & Co. purchased a new position in shares of DraftKings in the fourth quarter worth $246,765,000. FMR LLC raised its stake in shares of DraftKings by 14.7% in the third 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 during the last quarter. Fred Alger Management LLC raised its stake in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company's stock worth $144,963,000 after purchasing an additional 236,427 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now owns 68,654 shares of the company's stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % 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 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 value of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares of the company's stock, valued at approximately $120,537,585. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,663,966 shares of company stock valued at $112,550,362. 51.19% of the stock is currently owned by corporate insiders.

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DraftKings Trading Up 2.7 %

NASDAQ:DKNG traded up $1.05 during midday trading on Friday, hitting $39.49. The stock had a trading volume of 9,569,075 shares, compared to its average volume of 9,567,768. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a market capitalization of $19.35 billion, a price-to-earnings ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The stock has a 50-day moving average of $42.17 and a 200 day moving average of $40.22. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on DKNG. Susquehanna decreased their price target on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research note on Wednesday, January 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. JPMorgan Chase & Co. lifted their price objective on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. BTIG Research set a $59.00 price target on DraftKings in a report on Monday, February 3rd. Finally, Needham & Company LLC set a $65.00 price target on DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.