Pine Valley Investments Ltd Liability Co Has $242,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Pine Valley Investments Ltd Liability Co lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,502 shares of the company’s stock after selling 422 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in DraftKings were worth $242,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DKNG. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $30,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings in the third quarter valued at $43,000. Creative Financial Designs Inc. ADV grew its stake in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares during the last quarter. Finally, YANKCOM Partnership bought a new position in shares of DraftKings during the fourth quarter worth approximately $48,000. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DKNG has been the topic of a number of research reports. Barclays upped their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Truist Financial raised their price target 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. Stifel Nicolaus boosted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, Canaccord Genuity Group boosted their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Performance

Shares of DraftKings stock opened at $42.74 on Friday. The company’s 50 day moving average price is $41.71 and its two-hundred day moving average price is $39.63. The firm has a market capitalization of $20.94 billion, a P/E ratio of -40.32, a P/E/G ratio of 1.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week 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, equities analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of DraftKings 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 sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were 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 of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,573,488 shares of company stock worth $109,600,767. Insiders own 48.94% of the company’s stock.

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.