Inceptionr LLC Buys New Shares in DraftKings Inc. $DKNG

Inceptionr LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 21,236 shares of the company’s stock, valued at approximately $794,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriflex Group Inc. raised its stake in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares during the last quarter. Root Financial Partners LLC purchased a new stake in DraftKings in the third quarter valued at approximately $33,000. AlphaQuest LLC acquired a new position in DraftKings in the 3rd quarter worth approximately $41,000. TD Private Client Wealth LLC increased its holdings in DraftKings by 45.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock worth $44,000 after buying an additional 365 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in DraftKings during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DKNG. Rothschild & Co Redburn set a $35.00 price objective on shares of DraftKings in a report on Friday, January 30th. Bank of America decreased their target price on shares of DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, January 21st. Susquehanna set a $33.00 price objective on DraftKings in a research note on Tuesday, February 17th. Finally, Canaccord Genuity Group decreased their price objective on DraftKings from $50.00 to $44.00 and set a “buy” rating for the company in a report on Friday, February 13th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.19.

DraftKings Price Performance

NASDAQ:DKNG opened at $25.16 on Tuesday. The stock has a 50 day moving average of $28.63 and a two-hundred day moving average of $33.77. DraftKings Inc. has a 12 month low of $21.01 and a 12 month high of $48.78. The firm has a market cap of $12.40 billion, a P/E ratio of -629.00, a price-to-earnings-growth ratio of 1.03 and a beta of 1.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares in the company, valued at $16,005,000. The trade was a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Erik Bradbury sold 7,268 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the completion of the sale, the chief accounting officer owned 36,736 shares of the company’s stock, valued at $826,560. This trade represents a 16.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 62,928 shares of company stock worth $1,923,728. Corporate insiders own 47.08% of the company’s stock.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.