DraftKings Inc. (NASDAQ:DKNG) Position Lifted by PFG Investments LLC

PFG Investments LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,405 shares of the company’s stock after acquiring an additional 1,800 shares during the quarter. PFG Investments LLC’s holdings in DraftKings were worth $508,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Cornerstone Wealth Management LLC boosted its stake in DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after acquiring an additional 341 shares during the last quarter. Signaturefd LLC lifted its position in shares of DraftKings by 7.6% in the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock worth $158,000 after buying an additional 379 shares during the last quarter. Udine Wealth Management Inc. lifted its position in shares of DraftKings by 0.5% in the 3rd quarter. Udine Wealth Management Inc. now owns 79,352 shares of the company’s stock worth $2,336,000 after buying an additional 384 shares during the last quarter. Gables Capital Management Inc. lifted its position in shares of DraftKings by 2.2% in the 3rd quarter. Gables Capital Management Inc. now owns 18,330 shares of the company’s stock worth $540,000 after buying an additional 400 shares during the last quarter. Finally, Mcdonald Partners LLC lifted its position in shares of DraftKings by 2.4% in the 3rd quarter. Mcdonald Partners LLC now owns 17,080 shares of the company’s stock worth $503,000 after buying an additional 405 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the transaction, the insider now owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,596,101 shares of company stock worth $65,685,509. 55.92% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent research reports. Morgan Stanley raised their price target on shares of DraftKings from $40.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 28th. Oppenheimer raised their price target on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. JMP Securities reaffirmed a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a report on Monday. BMO Capital Markets increased their price objective on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Finally, Wells Fargo & Company increased their price objective on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.14.

DraftKings Stock Performance

Shares of DKNG opened at $45.35 on Thursday. DraftKings Inc. has a one year low of $17.42 and a one year high of $49.57. The company has a 50-day moving average of $42.27 and a two-hundred day moving average of $36.21. The stock has a market cap of $39.30 billion, a price-to-earnings ratio of -25.91 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the business earned ($0.53) earnings per share. The business’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, equities research analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

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.