1248 Management LLC Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

1248 Management LLC purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,885 shares of the company’s stock, valued at approximately $591,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new position in DraftKings in the 4th quarter worth $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the fourth quarter worth about $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $37,000. Westpac Banking Corp bought a new stake in DraftKings during the 4th quarter valued at approximately $44,000. Finally, YANKCOM Partnership purchased a new position in DraftKings in the 4th quarter worth approximately $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 0.1 %

DKNG stock opened at $33.26 on Friday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm’s 50-day moving average is $36.42 and its 200 day moving average is $39.39. The company has a market capitalization of $29.37 billion, a PE ratio of -31.38, a P/E/G ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the transaction, the insider now directly owns 601,520 shares in the company, valued at $19,417,065.60. This represents a 8.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,628,302 shares of company stock worth $111,145,088 in the last ninety days. 51.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on DKNG. Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the company a “buy” rating in a research report on Sunday, April 13th. Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Truist Financial cut their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Cfra Research upgraded DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Finally, Wells Fargo & Company increased their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.48.

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.