Cantor Fitzgerald L. P. Invests $1.30 Million in DraftKings Inc. $DKNG

Cantor Fitzgerald L. P. purchased a new position in DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 34,850 shares of the company’s stock, valued at approximately $1,303,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its stake in DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after acquiring an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares during the period. Empowered Funds LLC increased its stake in shares of DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after purchasing an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of DraftKings in the second quarter worth about $603,000. Finally, Allworth Financial LP raised its position in shares of DraftKings by 132.9% in the second quarter. Allworth Financial LP now owns 8,881 shares of the company’s stock valued at $381,000 after purchasing an additional 5,067 shares during the period. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on DKNG shares. Berenberg Bank set a $26.40 price target on shares of DraftKings in a research note on Tuesday, February 24th. BTIG Research set a $35.00 target price on shares of DraftKings in a report on Tuesday, March 3rd. BMO Capital Markets increased their target price on DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $30.00 price target on shares of DraftKings in a report on Thursday, March 5th. Finally, Morgan Stanley reduced their price target on DraftKings from $53.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, February 24th. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $37.19.

DraftKings Stock Performance

NASDAQ DKNG opened at $25.87 on Friday. The company’s 50 day simple moving average is $27.88 and its two-hundred day simple moving average is $33.25. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. DraftKings Inc. has a 1 year low of $21.01 and a 1 year high of $48.78. The stock has a market capitalization of $12.75 billion, a PE ratio of -646.75, a P/E/G ratio of 1.06 and a beta of 1.67.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider owned 213,597 shares in the company, valued at $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 547,345 shares of company stock worth $14,111,660. Company insiders own 51.19% of the company’s stock.

DraftKings 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.