Stablepoint Partners LLC Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Stablepoint Partners LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 9.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,706 shares of the company’s stock after acquiring an additional 600 shares during the period. Stablepoint Partners LLC’s holdings in DraftKings were worth $249,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings in the 3rd quarter valued at approximately $43,000. V Square Quantitative Management LLC purchased a new position in DraftKings in the 3rd quarter valued at $46,000. Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares during the period. Eastern Bank purchased a new position in DraftKings during the 3rd quarter worth $59,000. Finally, Toth Financial Advisory Corp acquired a new stake in shares of DraftKings in the 4th quarter worth $58,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. TD Cowen boosted their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. JMP Securities cut their target price on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. lifted their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.

Insider Buying and Selling

In other news, insider Paul Liberman sold 200,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is owned by insiders.

DraftKings Stock Down 0.4 %

Shares of NASDAQ:DKNG opened at $41.34 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $36.41 billion, a P/E ratio of -46.98, a P/E/G ratio of 3.07 and a beta of 1.90. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The stock’s fifty day simple moving average is $40.59 and its 200-day simple moving average is $38.10.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, equities research analysts forecast that DraftKings Inc. will post -0.9 earnings per share for the current fiscal year.

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.