Cerity Partners LLC Grows Stake in DraftKings Inc. (NASDAQ:DKNG)

Cerity Partners LLC increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 9.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,809 shares of the company’s stock after buying an additional 1,702 shares during the period. Cerity Partners LLC’s holdings in DraftKings were worth $698,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Highlander Capital Management LLC raised its holdings in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares in the last quarter. FSC Wealth Advisors LLC bought a new stake in DraftKings during the fourth quarter valued at approximately $37,000. Householder Group Estate & Retirement Specialist LLC grew its stake in DraftKings by 154.2% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after buying an additional 737 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of DraftKings in the 3rd quarter worth $45,000. Finally, CI Investments Inc. raised its position in shares of DraftKings by 55.9% during the 3rd quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock valued at $49,000 after buying an additional 599 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DKNG. Needham & Company LLC upped their target price on shares of DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, March 27th. Wells Fargo & Company increased their price objective on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. Bank Of America (Bofa) boosted their target price on DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Susquehanna boosted their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a report on Monday, March 25th. Finally, Barclays lifted their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.00.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 510,000 shares of DraftKings stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The disclosure for this sale can be found here. Insiders sold 1,396,101 shares of company stock worth $58,121,509 over the last quarter. 48.94% of the stock is currently owned by insiders.

DraftKings Stock Up 1.6 %

Shares of DraftKings stock opened at $41.21 on Wednesday. The company has a 50-day simple moving average of $43.69 and a two-hundred day simple moving average of $38.22. The stock has a market capitalization of $35.71 billion, a PE ratio of -23.55 and a beta of 1.86. DraftKings Inc. has a 52-week low of $20.26 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the firm earned ($0.53) earnings per share. DraftKings’s revenue was up 43.9% on a year-over-year basis. On average, analysts anticipate that DraftKings Inc. will post -0.25 EPS for the current fiscal year.

DraftKings Company Profile

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.