EntryPoint Capital LLC Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

EntryPoint Capital LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 12,117 shares of the company’s stock, valued at approximately $451,000.

A number of other institutional investors have also added to or reduced their stakes in DKNG. Pine Valley Investments Ltd Liability Co increased its stake in shares of DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the period. Claro Advisors LLC increased its position in DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares during the period. Allworth Financial LP lifted its holdings in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares during the period. Westside Investment Management Inc. grew its stake in shares of DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares during the last quarter. Finally, Nvwm LLC increased its holdings in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Truist Financial upped their price objective on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Stock Down 3.9 %

DKNG stock opened at $38.95 on Wednesday. The stock has a market capitalization of $19.08 billion, a PE ratio of -36.75, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The firm has a 50 day moving average of $42.16 and a 200 day moving average of $40.37.

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

Insider Activity

In related news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares in the company, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95 % 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. Corporate insiders own 51.19% of the company’s stock.

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.