Perfromance Wealth Partners LLC Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Perfromance Wealth Partners LLC lifted its position in DraftKings Inc. (NASDAQ:DKNGFree Report) by 67.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,395 shares of the company’s stock after purchasing an additional 5,000 shares during the quarter. Perfromance Wealth Partners LLC’s holdings in DraftKings were worth $437,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. AJ Wealth Strategies LLC bought a new position in shares of DraftKings during the 1st quarter valued at $306,000. MetLife Investment Management LLC purchased a new stake in DraftKings during the first quarter valued at about $387,000. Panagora Asset Management Inc. grew its stake in shares of DraftKings by 49.0% during the first quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock valued at $584,000 after buying an additional 9,866 shares during the last quarter. Cibc World Market Inc. increased its holdings in shares of DraftKings by 26.2% in the first quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock worth $423,000 after buying an additional 4,512 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of DraftKings by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock valued at $963,000 after acquiring an additional 1,270 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 1.0 %

Shares of NASDAQ DKNG opened at $44.94 on Tuesday. DraftKings Inc. has a 1-year low of $17.42 and a 1-year high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50 day moving average is $42.72 and its two-hundred day moving average is $36.55.

DraftKings (NASDAQ:DKNGGet Free Report) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the firm posted ($0.53) EPS. The business’s revenue for the quarter was up 43.9% compared to the same quarter last year. As a group, analysts anticipate that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised their price target on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. BNP Paribas downgraded shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research note on Friday, January 19th. Mizuho began coverage on shares of DraftKings in a report on Tuesday, March 26th. They set a “buy” rating and a $58.00 price target for the company. JMP Securities reissued a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a report on Monday, March 25th. Finally, Oppenheimer boosted their price objective on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.43.

View Our Latest Analysis on DraftKings

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 510,000 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the transaction, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The disclosure for this sale can be found here. Insiders have sold 1,596,101 shares of company stock worth $65,685,509 over the last quarter. Insiders own 48.94% of the company’s stock.

About DraftKings

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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