Braun Stacey Associates Inc. Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Braun Stacey Associates Inc. raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 302,410 shares of the company’s stock after purchasing an additional 8,070 shares during the period. Braun Stacey Associates Inc.’s holdings in DraftKings were worth $11,250,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of DKNG. Stonebridge Financial Group LLC bought a new stake in DraftKings during the 4th quarter valued at $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings during the 4th quarter worth about $30,000. Delos Wealth Advisors LLC bought a new position in DraftKings in the 3rd quarter worth about $43,000. V Square Quantitative Management LLC purchased a new position in DraftKings during the 3rd quarter valued at about $46,000. Finally, Creative Financial Designs Inc. ADV increased its position in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

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 value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % 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 Jason Robins sold 200,000 shares of the business’s 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 sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,163,742 shares of company stock valued at $47,082,888 over the last three months. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DKNG. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a report on Friday. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Morgan Stanley boosted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Canaccord Genuity Group raised their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.64.

DraftKings Price Performance

Shares of DKNG stock opened at $53.49 on Tuesday. 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 fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $26.08 billion, a P/E ratio of -60.78, a P/E/G ratio of 3.18 and a beta of 1.93. The business’s 50 day moving average price is $40.76 and its 200-day moving average price is $38.89.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities research analysts anticipate that DraftKings Inc. will post -0.95 earnings per share for the current year.

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.