162,591 Shares in DraftKings Inc. (NASDAQ:DKNG) Purchased by Sanders Morris Harris LLC

Sanders Morris Harris LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 162,591 shares of the company's stock, valued at approximately $6,165,000. DraftKings comprises approximately 0.9% of Sanders Morris Harris LLC's investment portfolio, making the stock its 16th biggest holding.

Several other hedge funds have also made changes to their positions in DKNG. Steph & Co. boosted its stake in DraftKings by 40.3% in the fourth quarter. Steph & Co. now owns 4,470 shares of the company's stock worth $166,000 after purchasing an additional 1,285 shares in the last quarter. Smith Thornton Advisors LLC grew its holdings in shares of DraftKings by 5.9% in the 4th quarter. Smith Thornton Advisors LLC now owns 10,115 shares of the company's stock valued at $376,000 after buying an additional 563 shares during the period. Park Avenue Securities LLC increased its holdings in shares of DraftKings by 5.7% in the fourth quarter. Park Avenue Securities LLC now owns 36,662 shares of the company's stock worth $1,364,000 after acquiring an additional 1,966 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of DraftKings by 172.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company's stock worth $13,540,000 after purchasing an additional 230,252 shares during the period. Finally, Oak Thistle LLC lifted its holdings in shares of DraftKings by 104.8% during the 4th quarter. Oak Thistle LLC now owns 28,700 shares of the company's stock valued at $1,068,000 after purchasing an additional 14,688 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

NASDAQ:DKNG traded up $0.96 on Thursday, hitting $39.68. The company's stock had a trading volume of 9,744,348 shares, compared to its average volume of 9,362,861. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The stock has a fifty day moving average of $40.65 and a two-hundred day moving average of $37.94. The firm has a market capitalization of $34.94 billion, a P/E ratio of -45.09, a price-to-earnings-growth ratio of 2.99 and a beta of 1.90.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share 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 business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Research analysts predict that DraftKings Inc. will post -0.83 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company's stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the sale, the insider now directly owns 1,342,722 shares of the company's stock, valued at approximately $52,366,158. The trade was a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,052,183 shares of company stock worth $41,303,025. 48.94% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on DKNG. Barclays increased their target price on DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, November 11th. Wells Fargo & Company raised their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Susquehanna reduced their target price on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research note on Wednesday, January 8th. BMO Capital Markets reissued an "outperform" rating and issued a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.08.

DraftKings 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.