Atria Investments Inc Increases Position in DraftKings Inc. (NASDAQ:DKNG)

Atria Investments Inc increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 47.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,062 shares of the company’s stock after purchasing an additional 2,588 shares during the period. Atria Investments Inc’s holdings in DraftKings were worth $300,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of DraftKings by 2.8% during 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 purchasing an additional 86,336 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of DraftKings by 2.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after buying an additional 35,466 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in DraftKings by 27.7% during the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after buying an additional 42,431 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,558,412 shares of company stock worth $108,506,588 over the last three months. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $38.73 on Tuesday. The firm has a 50 day moving average of $42.17 and a 200 day moving average of $40.19. 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 company has a market capitalization of $18.98 billion, a price-to-earnings ratio of -36.54, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DKNG. Truist Financial upped their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Morgan Stanley lifted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Stifel Nicolaus upped their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Finally, Wells Fargo & Company lifted their price target on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Company 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.