Treasurer of the State of North Carolina lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 10.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 153,621 shares of the company’s stock after acquiring an additional 14,800 shares during the period. Treasurer of the State of North Carolina’s holdings in DraftKings were worth $1,750,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of DKNG. Armstrong Advisory Group Inc. purchased a new stake in shares of DraftKings during the fourth quarter worth about $25,000. Ellevest Inc. boosted its position in DraftKings by 1,005.5% in the third quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock valued at $30,000 after buying an additional 1,830 shares during the last quarter. Baystate Wealth Management LLC boosted its position in DraftKings by 229.4% in the fourth quarter. Baystate Wealth Management LLC now owns 3,294 shares of the company’s stock valued at $38,000 after buying an additional 2,294 shares during the last quarter. FourThought Financial LLC lifted its holdings in DraftKings by 2,409.8% in the third quarter. FourThought Financial LLC now owns 3,087 shares of the company’s stock valued at $47,000 after acquiring an additional 2,964 shares during the period. Finally, Capital Impact Advisors LLC acquired a new position in DraftKings in the third quarter valued at approximately $58,000. Hedge funds and other institutional investors own 30.60% of the company’s stock.
Analyst Upgrades and Downgrades
DKNG has been the subject of a number of analyst reports. MKM Partners downgraded DraftKings from a “neutral” rating to a “sell” rating and set a $15.00 price target for the company. in a report on Thursday, February 9th. Deutsche Bank Aktiengesellschaft increased their target price on DraftKings from $15.00 to $22.00 in a research report on Monday, May 8th. Craig Hallum increased their target price on DraftKings from $21.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Wells Fargo & Company increased their target price on DraftKings from $16.00 to $22.00 in a research report on Monday, February 20th. Finally, SpectralCast reiterated a “maintains” rating on shares of DraftKings in a research report on Monday, May 8th. Five equities research 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’s stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Hold” and an average price target of $24.62.
DraftKings Trading Up 0.5 %
DraftKings (NASDAQ:DKNG – Get Rating) last issued its quarterly earnings data on Thursday, February 16th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.10. The firm had revenue of $855.00 million during the quarter, compared to the consensus estimate of $799.29 million. DraftKings had a negative return on equity of 94.41% and a negative net margin of 50.42%. The company’s quarterly revenue was up 80.8% on a year-over-year basis. During the same period last year, the company earned ($0.80) EPS. As a group, equities research analysts predict that DraftKings Inc. will post -1.88 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CAO Erik Bradbury sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief accounting officer now directly owns 26,889 shares of the company’s stock, valued at approximately $672,225. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 177,011 shares of DraftKings stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $18.84, for a total value of $3,334,887.24. Following the completion of the transaction, the insider now directly owns 600,074 shares of the company’s stock, valued at approximately $11,305,394.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 26,889 shares of the company’s stock, valued at $672,225. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,044,973 shares of company stock valued at $41,001,942. 51.19% of the stock is currently owned by insiders.
About DraftKings
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.
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