Institute for Wealth Management LLC. Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Institute for Wealth Management LLC. boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 23,187 shares of the company’s stock after purchasing an additional 450 shares during the quarter. Institute for Wealth Management LLC.’s holdings in DraftKings were worth $863,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Pine Valley Investments Ltd Liability Co increased its stake in DraftKings by 3.7% in the 3rd 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 grew its position in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after purchasing an additional 264 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares in the last quarter. Westside Investment Management Inc. grew its position in shares of DraftKings by 0.6% during the fourth 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 in the last quarter. Finally, Creative Financial Designs Inc. ADV grew its position in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on DKNG. Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price objective on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Barclays raised their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Susquehanna cut their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.

Insider Activity

In related news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 963,742 shares of company stock valued at $38,082,888. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DraftKings stock opened at $41.95 on Friday. The company has a 50 day moving average price of $40.48 and a 200-day moving average price of $38.23. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a market capitalization of $36.94 billion, a PE ratio of -47.67, a P/E/G ratio of 3.14 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities analysts forecast that DraftKings Inc. will post -0.93 earnings per share for the current year.

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.