D.A. Davidson & CO. Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

D.A. Davidson & CO. grew its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 20.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,924 shares of the company’s stock after purchasing an additional 4,952 shares during the period. D.A. Davidson & CO.’s holdings in DraftKings were worth $1,076,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $30,000. Delos Wealth Advisors LLC bought a new stake in DraftKings in the third quarter worth $43,000. Creative Financial Designs Inc. ADV raised its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Finally, YANKCOM Partnership bought a new position in DraftKings during the fourth quarter valued at $48,000. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Down 7.8 %

DraftKings stock opened at $45.57 on Monday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market cap of $22.33 billion, a P/E ratio of -42.99, a P/E/G ratio of 1.43 and a beta of 1.93. The business has a fifty day moving average of $41.41 and a two-hundred day moving average of $39.40. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on DKNG shares. JMP Securities reiterated a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Friday, February 14th. Benchmark lifted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. Barclays lifted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Finally, Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.26.

Insider Activity

In related news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were 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 owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,160,591 shares of company stock worth $46,945,158. Corporate insiders own 51.19% of the company’s stock.

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.