DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,336 shares of the company’s stock after acquiring an additional 576 shares during the quarter. Arete Wealth Advisors LLC’s holdings in DraftKings were worth $310,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Pine Valley Investments Ltd Liability Co increased its stake in shares of 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 acquiring an additional 249 shares during the last quarter. Claro Advisors LLC increased its position in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP raised its stake 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 holdings in DraftKings by 0.6% in the 4th 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 during the last quarter. Finally, Nvwm LLC grew its stake in shares of DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after buying an additional 312 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock worth $117,241,446 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Down 2.3 %

NASDAQ:DKNG opened at $31.67 on Monday. 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 Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a market cap of $15.83 billion, a P/E ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16. The stock has a 50-day simple moving average of $41.21 and a 200-day simple moving average of $40.17.

DraftKings (NASDAQ:DKNG) last announced 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DKNG. Benchmark upped their price objective on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Truist Financial upped their target price on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

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.