Greystone Financial Group LLC Grows Holdings in DraftKings Inc. (NASDAQ:DKNG)

Greystone Financial Group LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,949 shares of the company’s stock after purchasing an additional 490 shares during the period. Greystone Financial Group LLC’s holdings in DraftKings were worth $742,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on DKNG shares. Barclays increased their price target on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, February 14th. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Macquarie raised their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Truist Financial lifted their price objective on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.69.

Insider Activity

In other news, insider Paul Liberman sold 532,095 shares of the firm’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 sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 228,496 shares of the company’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 completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,160,591 shares of company stock valued at $46,945,158 over the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings Trading Down 7.8 %

Shares of DraftKings stock opened at $45.57 on Friday. The business has a 50 day moving average price of $41.41 and a 200 day moving average price of $39.28. The company has a market capitalization of $22.33 billion, a P/E ratio of -42.99, a P/E/G ratio of 1.91 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts anticipate that DraftKings Inc. will post 0.49 EPS for the current fiscal 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.