DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Allworth Financial LP

Allworth Financial LP boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 8.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,659 shares of the company’s stock after purchasing an additional 271 shares during the quarter. Allworth Financial LP’s holdings in DraftKings were worth $150,000 at the end of the most recent quarter.

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

DraftKings Price Performance

NASDAQ:DKNG opened at $45.57 on Monday. The business’s 50-day moving average price is $41.41 and its 200 day moving average price is $39.40. The firm has a market cap of $22.33 billion, a P/E ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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%. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the transaction, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,160,591 shares of company stock valued at $46,945,158. 51.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

DKNG has been the topic of a number of recent research reports. TD Cowen cut their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Stifel Nicolaus raised their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Barclays raised their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. BTIG Research set a $59.00 target price on DraftKings in a research note on Monday, February 3rd. Finally, Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.26.

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.