Institute for Wealth Management LLC. Purchases 450 Shares of DraftKings Inc. (NASDAQ:DKNG)

Institute for Wealth Management LLC. raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 2.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 23,187 shares of the company’s stock after purchasing an additional 450 shares during the quarter. Institute for Wealth Management LLC.’s holdings in DraftKings were worth $863,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in DKNG. Synergy Asset Management LLC bought a new stake in DraftKings during the 4th quarter valued at $30,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings during the third quarter valued at about $43,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the third quarter worth about $46,000. Creative Financial Designs Inc. ADV grew its stake in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. Finally, Eastern Bank purchased a new position in DraftKings during the 3rd quarter valued at about $59,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction 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 completion of 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 disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock valued at $38,082,888 in the last ninety days. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have commented on DKNG. JPMorgan Chase & Co. upped their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Friday, November 8th. Barclays upped their price target on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Finally, Susquehanna reduced 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. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Stock Performance

Shares of DKNG opened at $41.95 on Friday. The business’s fifty day simple moving average is $40.48 and its two-hundred day simple moving average is $38.23. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market cap of $36.94 billion, a price-to-earnings ratio of -47.67, a P/E/G ratio of 3.14 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last released its quarterly 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). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Research analysts anticipate that DraftKings Inc. will post -0.93 earnings per share for the current fiscal year.

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.