Stevens Capital Management LP Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Stevens Capital Management LP purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,670 shares of the company’s stock, valued at approximately $323,000.

Several other institutional investors also recently modified their holdings of DKNG. Stonebridge Financial Group LLC acquired a new position in DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the fourth quarter worth about $30,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings in the fourth quarter worth approximately $37,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the 3rd quarter valued at approximately $43,000. Finally, YANKCOM Partnership bought a new position in DraftKings during the 4th quarter worth approximately $48,000. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DKNG shares. Truist Financial lifted their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Stifel Nicolaus lifted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Barclays increased their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Wells Fargo & Company upped their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three research 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 has an average rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Stock Performance

Shares of DKNG opened at $40.52 on Tuesday. The stock has a 50 day moving average of $42.18 and a 200 day moving average of $40.34. The company has a market capitalization of $19.85 billion, a price-to-earnings ratio of -38.23, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the sale, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,663,966 shares of company stock worth $112,550,362. 51.19% of the stock is owned by company insiders.

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.