Oppenheimer & Co. Inc. Purchases 1,245 Shares of DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer & Co. Inc. increased its position in DraftKings Inc. (NASDAQ:DKNG) by 1.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,493 shares of the company’s stock after buying an additional 1,245 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in DraftKings were worth $2,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Stonebridge Financial Group LLC purchased a new stake in DraftKings during the fourth quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at about $30,000. Delos Wealth Advisors LLC purchased a new stake in DraftKings during the 3rd quarter valued at about $43,000. Creative Financial Designs Inc. ADV grew its position 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 acquiring an additional 320 shares during the last quarter. Finally, YANKCOM Partnership purchased a new position in DraftKings in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Barclays increased their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Benchmark boosted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC set a $65.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Finally, JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.44.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,573,488 shares of company stock valued at $109,600,767 in the last quarter. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

DKNG stock opened at $43.86 on Monday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a 50 day moving average price of $41.78 and a 200-day moving average price of $39.84. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The firm has a market capitalization of $21.49 billion, a price-to-earnings ratio of -41.38, a PEG ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last announced 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 10.64% and a negative return on equity of 48.13%. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings 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.