Level Four Advisory Services LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Level Four Advisory Services LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 15.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,559 shares of the company’s stock after purchasing an additional 1,143 shares during the period. Level Four Advisory Services LLC’s holdings in DraftKings were worth $318,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in DraftKings during the fourth quarter worth approximately $276,328,000. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the 4th quarter valued at $246,765,000. Contrarius Group Holdings Ltd purchased a new stake in DraftKings in the 4th quarter valued at $58,397,000. FMR LLC boosted its stake in DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares during the period. Finally, Vanguard Group Inc. grew its position in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 5.9 %

Shares of DraftKings stock opened at $33.21 on Tuesday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The business has a 50 day moving average price of $41.89 and a 200 day moving average price of $40.32. The company has a market capitalization of $16.60 billion, a P/E ratio of -31.33, a P/E/G ratio of 1.43 and a beta of 2.07.

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares of the company’s stock, valued at $26,593,657.80. This represents a 48.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Corporate insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DKNG shares. Stifel Nicolaus increased their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Piper Sandler reissued an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Morgan Stanley boosted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $54.42.

DraftKings Company 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.