Prosperity Wealth Management Inc. Increases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Prosperity Wealth Management Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 17.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 62,114 shares of the company’s stock after purchasing an additional 9,052 shares during the period. DraftKings accounts for 1.0% of Prosperity Wealth Management Inc.’s holdings, making the stock its 15th largest position. Prosperity Wealth Management Inc.’s holdings in DraftKings were worth $2,311,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings in the 4th quarter valued at about $30,000. Synergy Investment Management LLC acquired a new stake in DraftKings in the 4th quarter valued at about $37,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings in the 3rd quarter valued at about $43,000. Finally, YANKCOM Partnership acquired a new stake in shares of DraftKings during the 4th quarter worth about $48,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Paul Liberman sold 532,095 shares of DraftKings 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 completion of the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DKNG. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Morgan Stanley raised their target price on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Barclays raised their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Stifel Nicolaus raised their target price on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Up 3.8 %

DraftKings stock opened at $38.66 on Wednesday. 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. The company has a market cap of $18.94 billion, a PE ratio of -36.47, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock’s 50 day moving average price is $42.09 and its 200 day moving average price is $40.10.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

About DraftKings

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.