DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 19.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,224 shares of the company’s stock after purchasing an additional 2,927 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in DraftKings were worth $678,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company’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 completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,160,591 shares of company stock worth $46,945,158 over the last ninety days. 51.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on DKNG shares. Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Stifel Nicolaus boosted their price target on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. TD Cowen reduced their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, BTIG Research set a $59.00 target price on DraftKings in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.26.

DraftKings Stock Down 7.8 %

Shares of NASDAQ:DKNG opened at $45.57 on Monday. The stock has a market cap of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The business’s 50 day moving average is $41.41 and its 200 day moving average is $39.40.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.