Thrivent Financial for Lutherans Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Thrivent Financial for Lutherans increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 8,554 shares of the company’s stock after purchasing an additional 544 shares during the period. Thrivent Financial for Lutherans’ holdings in DraftKings were worth $318,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in DKNG. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after buying an additional 249 shares in the last quarter. Claro Advisors LLC increased its holdings in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares during the period. Allworth Financial LP lifted its stake in DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares in the last quarter. Westside Investment Management Inc. boosted its holdings in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after purchasing an additional 288 shares during the period. Finally, Nvwm LLC grew its position in shares of DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG stock opened at $31.67 on Friday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm’s 50-day moving average price is $41.21 and its two-hundred day moving average price is $40.15. The stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of -29.88, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced 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%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DKNG. JPMorgan Chase & Co. increased their price objective on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Barclays lifted their price target on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. TD Cowen decreased their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Finally, Cowen reissued a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.42.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock worth $117,241,446 over the last quarter. 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.