HighPoint Advisor Group LLC Boosts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

HighPoint Advisor Group LLC lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 7.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 10,224 shares of the company’s stock after acquiring an additional 680 shares during the quarter. HighPoint Advisor Group LLC’s holdings in DraftKings were worth $380,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Stonebridge Financial Group LLC bought a new position in DraftKings in the fourth quarter worth approximately $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the 4th quarter worth $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $37,000. Delos Wealth Advisors LLC bought a new stake in DraftKings during the third quarter valued at about $43,000. Finally, YANKCOM Partnership purchased a new position in DraftKings in the fourth quarter valued at about $48,000. 37.70% of the stock is currently owned by institutional investors.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the transaction, the insider now owns 653,843 shares in the company, valued at $25,499,877. This trade represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the sale, the insider now owns 682,764 shares of the company’s stock, valued at $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock valued at $117,241,446 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Up 3.7 %

DraftKings stock opened at $34.43 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $17.21 billion, a PE ratio of -32.48, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The business has a 50 day simple moving average of $41.59 and a 200-day simple moving average of $40.25. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results 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%. On average, analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Barclays raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Finally, Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.42.

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.