Grant Private Wealth Management Inc Takes $832,000 Position in DraftKings Inc. $DKNG

Grant Private Wealth Management Inc acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 22,254 shares of the company’s stock, valued at approximately $832,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. IHT Wealth Management LLC grew its position in DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after purchasing an additional 248 shares during the last quarter. Brooklyn Investment Group grew its stake in shares of DraftKings by 7.3% in the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after purchasing an additional 270 shares in the last quarter. TD Private Client Wealth LLC raised its position 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. Farther Finance Advisors LLC raised its holdings in DraftKings by 9.1% during the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after purchasing an additional 286 shares in the last quarter. Finally, Valeo Financial Advisors LLC lifted its position in DraftKings by 3.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after purchasing an additional 348 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the transaction, the director owned 10,000 shares in the company, valued at approximately $302,700. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the sale, the chief financial officer owned 126,990 shares of the company’s stock, valued at $3,711,917.70. The trade was a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 166,752 shares of company stock worth $5,387,153. Company insiders own 47.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DKNG shares. Truist Financial lowered their price target on DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Berenberg Bank set a $43.00 target price on DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Sanford C. Bernstein cut their price target on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Oppenheimer reduced their price objective on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Finally, Benchmark reaffirmed a “buy” rating on shares of DraftKings in a research note on Monday, November 17th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.48.

DraftKings Price Performance

NASDAQ DKNG opened at $34.54 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a 1 year low of $26.23 and a 1 year high of $53.61. The company has a market cap of $17.19 billion, a PE ratio of -60.60, a PEG ratio of 2.95 and a beta of 1.60. The stock’s 50-day moving average price is $32.38 and its two-hundred day moving average price is $38.93.

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