Belpointe Asset Management LLC Boosts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Posted by Defense World Staff on May 17th, 2023

Belpointe Asset Management LLC raised its holdings in DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,013 shares of the company’s stock after purchasing an additional 1,066 shares during the quarter. Belpointe Asset Management LLC’s holdings in DraftKings were worth $194,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC raised its position in shares of DraftKings by 1.9% in the fourth quarter. Commonwealth Equity Services LLC now owns 242,790 shares of the company’s stock worth $2,765,000 after acquiring an additional 4,431 shares during the period. Transcend Capital Advisors LLC acquired a new position in shares of DraftKings in the fourth quarter worth about $140,000. Harbor Investment Advisory LLC raised its position in shares of DraftKings by 56.1% during the 4th quarter. Harbor Investment Advisory LLC now owns 31,526 shares of the company’s stock worth $359,000 after purchasing an additional 11,335 shares during the last quarter. CNB Bank raised its position in shares of DraftKings by 14.2% during the 3rd quarter. CNB Bank now owns 8,307 shares of the company’s stock worth $125,000 after purchasing an additional 1,035 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC raised its position in shares of DraftKings by 7.5% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 18,280 shares of the company’s stock worth $208,000 after purchasing an additional 1,273 shares during the last quarter. 30.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Erik Bradbury sold 3,000 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the sale, the chief accounting officer now directly owns 26,889 shares in the company, valued at approximately $672,225. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason Robins sold 300,000 shares of DraftKings stock in a transaction on Monday, March 27th. The shares were sold at an average price of $17.72, for a total transaction of $5,316,000.00. Following the sale, the insider now directly owns 6,152,595 shares in the company, valued at approximately $109,023,983.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction on Friday, May 5th. The stock was sold at an average price of $25.00, for a total transaction of $75,000.00. Following the sale, the chief accounting officer now owns 26,889 shares in the company, valued at $672,225. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,063,948 shares of company stock worth $41,394,534. 55.92% of the stock is currently owned by corporate insiders.

DraftKings Stock Down 2.4 %

Shares of DKNG stock opened at $22.92 on Wednesday. DraftKings Inc. has a 52 week low of $10.52 and a 52 week high of $25.34. The stock has a market capitalization of $19.59 billion, a PE ratio of -7.90 and a beta of 1.80. The firm has a 50 day moving average of $20.10 and a two-hundred day moving average of $16.69.

DraftKings (NASDAQ:DKNG – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.10. DraftKings had a negative net margin of 50.42% and a negative return on equity of 87.08%. The company had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $799.29 million. During the same quarter last year, the company posted ($0.80) EPS. The firm’s revenue was up 80.8% compared to the same quarter last year. Analysts expect that DraftKings Inc. will post -2.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research analyst reports. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $17.00 price target for the company in a research report on Thursday, April 13th. SpectralCast restated a “maintains” rating on shares of DraftKings in a research report on Monday, May 8th. Canaccord Genuity Group upped their price target on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, February 21st. Barclays upped their price target on shares of DraftKings from $23.00 to $24.00 in a research report on Monday, May 8th. Finally, Bank of America upped their price target on shares of DraftKings from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, May 5th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $24.62.

DraftKings Profile

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.