78,604 Shares in DraftKings Inc. (NASDAQ:DKNG) Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 78,604 shares of the company’s stock, valued at approximately $2,924,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. bought a new position in DraftKings in the fourth quarter valued at about $246,765,000. Fred Alger Management LLC lifted its position in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the period. FMR LLC boosted its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Mizuho Securities USA LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth approximately $28,028,000. Finally, Blue Whale Capital LLP raised its stake in shares of DraftKings by 59.7% during the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after buying an additional 615,011 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares of the company’s stock, valued at $26,583,044.40. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,663,966 shares of company stock worth $112,550,362 in the last quarter. Company insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. TD Cowen cut their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Barclays raised their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Morgan Stanley upped their price target on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Price Performance

Shares of DKNG opened at $36.91 on Wednesday. The business has a 50-day moving average of $42.16 and a 200-day moving average of $40.21. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market capitalization of $18.08 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

About DraftKings

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.