DraftKings Inc. (NASDAQ:DKNG) Stock Holdings Lowered by HighMark Wealth Management LLC

HighMark Wealth Management LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 25.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,640 shares of the company’s stock after selling 560 shares during the period. HighMark Wealth Management LLC’s holdings in DraftKings were worth $61,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the 4th quarter valued at $246,765,000. Fred Alger Management LLC boosted its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. FMR LLC increased its position in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Mizuho Securities USA LLC acquired a new stake in shares of DraftKings during the third quarter valued at approximately $28,028,000. Finally, Blue Whale Capital LLP lifted its position in shares of DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock valued at $64,475,000 after acquiring an additional 615,011 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Up 15.2 %

Shares of DKNG stock opened at $53.49 on Tuesday. The stock’s 50 day simple moving average is $40.76 and its 200 day simple moving average is $38.89. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $26.08 billion, a price-to-earnings ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts predict that DraftKings Inc. will post -0.95 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on DKNG. TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Barclays raised their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Macquarie upped their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $51.64.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,163,742 shares of company stock worth $47,082,888 in the last quarter. 51.19% of the stock is currently owned by company insiders.

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.