Global Retirement Partners LLC Makes New $445,000 Investment in DraftKings Inc. $DKNG

Global Retirement Partners LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,367 shares of the company’s stock, valued at approximately $445,000.

A number of other institutional investors and hedge funds have also made changes to their positions in DKNG. Bank of Jackson Hole Trust acquired a new stake in DraftKings in the first quarter valued at about $31,000. TD Private Client Wealth LLC raised its stake in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after buying an additional 282 shares in the last quarter. Summit Securities Group LLC lifted its holdings in shares of DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings in the second quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC acquired a new position in DraftKings during the second quarter worth $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DKNG has been the subject of a number of recent analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $46.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, November 10th. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price target on shares of DraftKings in a report on Wednesday, November 19th. Citigroup initiated coverage on shares of DraftKings in a research note on Friday, November 21st. They issued a “buy” rating and a $48.00 price objective for the company. Susquehanna lowered their target price on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating on the stock in a research report on Monday, November 10th. Finally, UBS Group reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.38.

DraftKings Stock Up 3.0%

DKNG stock opened at $33.15 on Friday. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The company’s 50 day simple moving average is $33.40 and its 200-day simple moving average is $39.01. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The firm has a market capitalization of $16.50 billion, a PE ratio of -58.16, a P/E/G ratio of 2.75 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. DraftKings’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.60) EPS. Equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory Westin Wendt acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average price of $30.27 per share, with a total value of $302,700.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at approximately $302,700. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $29.23, for a total transaction of $246,145.83. Following the completion of the transaction, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 219,529 shares of company stock valued at $8,601,273 over the last three months. Insiders own 51.19% of the company’s stock.

DraftKings 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.