Kingsview Wealth Management LLC Acquires 2,646 Shares of DraftKings Inc. (NASDAQ:DKNG)

Kingsview Wealth Management LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNGFree Report) by 13.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,651 shares of the company’s stock after acquiring an additional 2,646 shares during the period. Kingsview Wealth Management LLC’s holdings in DraftKings were worth $798,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in DKNG. TD Asset Management Inc bought a new position in shares of DraftKings in the third quarter valued at approximately $795,000. Daiwa Securities Group Inc. purchased a new position in DraftKings during the 3rd quarter worth $1,049,000. M&T Bank Corp grew its stake in shares of DraftKings by 3.0% in the 3rd quarter. M&T Bank Corp now owns 19,399 shares of the company’s stock worth $571,000 after acquiring an additional 559 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of DraftKings by 38.0% in the third quarter. Principal Financial Group Inc. now owns 938,147 shares of the company’s stock valued at $27,619,000 after purchasing an additional 258,111 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of DraftKings by 2.0% during the third quarter. California Public Employees Retirement System now owns 791,912 shares of the company’s stock valued at $23,314,000 after purchasing an additional 15,735 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $44.21 on Monday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The business’s 50-day moving average is $43.90 and its two-hundred day moving average is $40.09. DraftKings Inc. has a fifty-two week low of $22.65 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNGGet Free Report) last announced its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the firm posted ($0.87) earnings per share. The business’s quarterly revenue was up 52.7% compared to the same quarter last year. On average, research analysts forecast that DraftKings Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the sale, the insider now owns 2,849,215 shares in the company, valued at $121,576,004.05. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 600,000 shares of company stock worth $24,894,000. Corporate insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on DKNG. The Goldman Sachs Group started coverage on shares of DraftKings in a research report on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price on the stock. Oppenheimer upped their price objective on DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Wells Fargo & Company raised their target price on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. Barclays boosted their price target on shares of DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Finally, Bank Of America (Bofa) raised their price objective on shares of DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.21.

Read Our Latest Stock Analysis on DraftKings

DraftKings Company Profile

(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.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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