Proficio Capital Partners LLC Acquires New Stake in DraftKings Inc. (NASDAQ:DKNG)

Proficio Capital Partners LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 78,604 shares of the company’s stock, valued at approximately $2,924,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new stake in DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC bought a new stake in DraftKings during the fourth quarter worth about $30,000. Delos Wealth Advisors LLC bought a new stake in DraftKings during the third quarter worth about $43,000. YANKCOM Partnership bought a new stake in DraftKings during the fourth quarter worth about $48,000. Finally, Toth Financial Advisory Corp bought a new stake in DraftKings during the fourth quarter worth about $58,000. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,783,488 shares of company stock valued at $118,128,867 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Up 5.1 %

Shares of NASDAQ:DKNG opened at $43.41 on Thursday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The firm has a market capitalization of $21.27 billion, a P/E ratio of -40.95, a P/E/G ratio of 1.43 and a beta of 2.07. The stock has a 50 day moving average price of $42.00 and a 200-day moving average price of $39.97. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last announced its 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 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on DKNG shares. Susquehanna dropped their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. BTIG Research set a $59.00 target price on DraftKings in a research note on Monday, February 3rd. TD Cowen lowered their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Stifel Nicolaus boosted their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

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.