DraftKings Inc. (NASDAQ:DKNG) Position Boosted by Smith Thornton Advisors LLC

Smith Thornton Advisors LLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 5.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,115 shares of the company’s stock after acquiring an additional 563 shares during the quarter. Smith Thornton Advisors LLC’s holdings in DraftKings were worth $376,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Park Avenue Securities LLC raised its holdings in shares of DraftKings by 5.7% during 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. increased its position in DraftKings by 172.2% in the 4th 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 last quarter. Oak Thistle LLC raised its stake in shares of DraftKings by 104.8% during the 4th quarter. Oak Thistle LLC now owns 28,700 shares of the company’s stock worth $1,068,000 after purchasing an additional 14,688 shares in the last quarter. Claro Advisors LLC lifted its holdings in shares of DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares during the last quarter. Finally, Grassi Investment Management grew its stake in shares of DraftKings by 16.4% in the 4th quarter. Grassi Investment Management now owns 29,500 shares of the company’s stock valued at $1,097,000 after buying an additional 4,150 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DKNG opened at $38.72 on Thursday. The stock’s 50-day moving average price is $40.64 and its 200 day moving average price is $37.93. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, analysts predict that DraftKings Inc. will post -0.83 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The shares were 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 in the company, valued at $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 three months, insiders sold 1,052,183 shares of company stock valued at $41,303,025. Company insiders own 48.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DKNG. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research report on Tuesday, January 7th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. JMP Securities cut their target price on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Finally, Wells Fargo & Company upped their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.08.

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.