DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,662 shares of the company’s stock after purchasing an additional 1,966 shares during the quarter. Park Avenue Securities LLC’s holdings in DraftKings were worth $1,364,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC acquired a new stake in DraftKings in the 3rd quarter valued at about $28,028,000. Janney Montgomery Scott LLC lifted its stake in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after purchasing an additional 350,215 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 1.0 %

Shares of NASDAQ:DKNG opened at $39.29 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a 50 day simple moving average of $40.65 and a 200-day simple moving average of $37.97. The company has a market capitalization of $34.60 billion, a PE ratio of -44.65, a P/E/G ratio of 2.99 and a beta of 1.90. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share 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%. On average, equities analysts predict that DraftKings Inc. will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was 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 of the company’s stock, 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. Insiders have sold a total of 1,052,183 shares of company stock valued at $41,303,025 over the last quarter. Company insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on DKNG shares. JMP Securities cut their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday, January 6th. Wells Fargo & Company lifted 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. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Tuesday, January 7th. Finally, Barclays increased their price target on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.