Mosley Wealth Management Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Mosley Wealth Management acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, HoldingsChannel reports. The fund acquired 5,907 shares of the company’s stock, valued at approximately $220,000.

A number of other hedge funds also recently made changes to their positions in DKNG. Baillie Gifford & Co. purchased a new position in DraftKings during the fourth quarter valued at approximately $246,765,000. Contrarius Group Holdings Ltd bought a new stake in shares of DraftKings during the 4th quarter valued at $58,397,000. Fred Alger Management LLC boosted its holdings in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. FMR LLC increased its stake in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares in the last quarter. Finally, Blue Whale Capital LLP raised its holdings in DraftKings by 59.7% during the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock valued at $64,475,000 after acquiring an additional 615,011 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

DKNG stock opened at $39.49 on Friday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The firm has a market cap of $19.35 billion, a price-to-earnings ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The business’s fifty day simple moving average is $42.17 and its two-hundred day simple moving average is $40.27. 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 (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Friday, February 14th. Barclays raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Benchmark increased their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.44.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,663,966 shares of company stock worth $112,550,362. Company 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.