DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Level Four Advisory Services LLC

Level Four Advisory Services LLC raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 15.4% during the fourth quarter, Holdings Channel reports. The firm owned 8,559 shares of the company’s stock after purchasing an additional 1,143 shares during the period. Level Four Advisory Services LLC’s holdings in DraftKings were worth $318,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC acquired a new position in DraftKings in the fourth quarter valued at $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings in the 4th quarter valued at about $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth about $37,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $43,000. Finally, YANKCOM Partnership purchased a new position in DraftKings in the fourth quarter valued at approximately $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. BTIG Research set a $59.00 price objective on DraftKings in a research report on Monday, February 3rd. TD Cowen decreased their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Wells Fargo & Company raised their target price on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Truist Financial upped their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

DraftKings Stock Down 5.9 %

DKNG stock opened at $33.21 on Tuesday. The firm has a market cap of $16.60 billion, a price-to-earnings ratio of -31.33, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a fifty day moving average price of $41.89 and a two-hundred day moving average price of $40.32. 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 (NASDAQ:DKNG) last announced 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 net margin of 10.64% and a negative return on equity of 48.13%. Research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.