Private Advisor Group LLC Acquires 22,836 Shares of DraftKings Inc. (NASDAQ:DKNG)

Private Advisor Group LLC boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 28.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 102,544 shares of the company’s stock after buying an additional 22,836 shares during the quarter. Private Advisor Group LLC’s holdings in DraftKings were worth $3,815,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co lifted its stake in shares of DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares in the last quarter. Claro Advisors LLC lifted its position in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP raised its stake in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares during the period. Westside Investment Management Inc. lifted its holdings in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Nvwm LLC boosted its stake in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after purchasing an additional 312 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,160,591 shares of company stock worth $46,945,158. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research analyst reports. Macquarie boosted their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. BTIG Research set a $59.00 target price on DraftKings in a research report on Monday, February 3rd. Finally, Truist Financial upped their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $54.26.

DraftKings Price Performance

DKNG opened at $45.57 on Monday. The stock’s 50-day moving average price is $41.41 and its 200 day moving average price is $39.40. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market cap of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

DraftKings Company 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.