778 Shares in DraftKings Inc. (NASDAQ:DKNG) Acquired by Synergy Asset Management LLC

Synergy Asset Management LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 778 shares of the company’s stock, valued at approximately $30,000.

A number of other large investors also recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the period. Mizuho Securities USA LLC acquired a new position in DraftKings in the 3rd quarter valued at about $28,028,000. Janney Montgomery Scott LLC increased its stake in DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of DraftKings by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after purchasing an additional 350,215 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 963,742 shares of company stock valued at $38,082,888. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent research reports. Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research report on Tuesday, January 7th. JPMorgan Chase & Co. boosted their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. JMP Securities reduced their price target on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. Susquehanna lowered their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Finally, Macquarie raised their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Stock Performance

DKNG opened at $41.95 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The stock has a market cap of $36.94 billion, a P/E ratio of -47.67, a P/E/G ratio of 3.14 and a beta of 1.90. The stock’s 50 day simple moving average is $40.48 and its 200 day simple moving average is $38.23. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities analysts anticipate that DraftKings Inc. will post -0.93 EPS for the current fiscal year.

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.