Westside Investment Management Inc. Buys 288 Shares of DraftKings Inc. (NASDAQ:DKNG)

Westside Investment Management Inc. lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 0.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,118 shares of the company’s stock after acquiring an additional 288 shares during the quarter. Westside Investment Management Inc.’s holdings in DraftKings were worth $1,678,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Mizuho Securities USA LLC bought a new stake in shares of DraftKings in the third quarter worth $28,028,000. Janney Montgomery Scott LLC increased its position in DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after acquiring an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after acquiring an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Paul Liberman sold 200,000 shares of the 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 owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 48.94% of the stock is currently owned by insiders.

Analyst Ratings Changes

DKNG has been the subject of several research reports. Mizuho upped their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Macquarie upped their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

DraftKings Stock Performance

NASDAQ DKNG opened at $41.49 on Wednesday. The business’s 50 day moving average price is $40.57 and its 200-day moving average price is $38.02. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a market cap of $36.54 billion, a P/E ratio of -47.14, a P/E/G ratio of 2.94 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Sell-side analysts predict that DraftKings Inc. will post -0.9 earnings per share for the current year.

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.