Smartleaf Asset Management LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Smartleaf Asset Management LLC raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 36.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,678 shares of the company’s stock after purchasing an additional 445 shares during the period. Smartleaf Asset Management LLC’s holdings in DraftKings were worth $62,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of DKNG. Metis Global Partners LLC raised its holdings in shares of DraftKings by 9.0% during the fourth quarter. Metis Global Partners LLC now owns 5,926 shares of the company’s stock valued at $220,000 after purchasing an additional 489 shares during the last quarter. US Bancorp DE raised its holdings in shares of DraftKings by 11.5% during the fourth quarter. US Bancorp DE now owns 958,662 shares of the company’s stock valued at $35,662,000 after purchasing an additional 98,947 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $4,371,000. QRG Capital Management Inc. raised its holdings in shares of DraftKings by 11.9% during the fourth quarter. QRG Capital Management Inc. now owns 64,272 shares of the company’s stock valued at $2,391,000 after purchasing an additional 6,839 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $2,924,000. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DKNG shares. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. JMP Securities reissued a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. BTIG Research set a $59.00 target price on shares of DraftKings in a research report on Monday, February 3rd. Finally, TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Performance

DKNG opened at $37.24 on Tuesday. The stock has a market capitalization of $18.25 billion, a price-to-earnings ratio of -35.13, a PEG ratio of 1.43 and a beta of 2.07. The company has a fifty day moving average of $42.06 and a 200 day moving average of $40.08. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the transaction, the insider now owns 4,140,509 shares of the company’s stock, valued at $168,146,070.49. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock worth $108,506,588 over the last 90 days. 51.19% of the stock is owned by insiders.

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.