Geneos Wealth Management Inc. Invests $195,000 in DraftKings Inc. (NASDAQ:DKNG)

Geneos Wealth Management Inc. bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,241 shares of the company’s stock, valued at approximately $195,000.

Several other hedge funds have also recently added to or reduced their stakes in DKNG. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at $43,000. V Square Quantitative Management LLC acquired a new stake in DraftKings in the third quarter valued at $46,000. Creative Financial Designs Inc. ADV lifted its holdings in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the last quarter. Eastern Bank acquired a new position in shares of DraftKings during the 3rd quarter worth about $59,000. Finally, Quarry LP purchased a new position in shares of DraftKings in the 2nd quarter valued at about $87,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were 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 of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Up 2.0 %

Shares of NASDAQ DKNG opened at $42.73 on Friday. The firm’s 50-day moving average is $40.50 and its two-hundred day moving average is $38.19. The company has a market capitalization of $37.63 billion, a PE ratio of -48.56, a price-to-earnings-growth ratio of 3.07 and a beta of 1.90. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results 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 company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities analysts anticipate that DraftKings Inc. will post -0.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DKNG. Barclays increased their price target on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.