Mirabella Financial Services LLP Acquires 97,467 Shares of DraftKings Inc. $DKNG

Mirabella Financial Services LLP lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 72.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 231,740 shares of the company’s stock after buying an additional 97,467 shares during the period. DraftKings makes up about 0.7% of Mirabella Financial Services LLP’s holdings, making the stock its 24th largest holding. Mirabella Financial Services LLP’s holdings in DraftKings were worth $8,667,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of DKNG. Allworth Financial LP increased its holdings in DraftKings by 31.9% during the third quarter. Allworth Financial LP now owns 11,710 shares of the company’s stock worth $438,000 after buying an additional 2,829 shares during the last quarter. Cantor Fitzgerald L. P. acquired a new stake in shares of DraftKings in the third quarter valued at approximately $1,303,000. Ariadne Wealth Management LP boosted its stake in shares of DraftKings by 32.6% during the 3rd quarter. Ariadne Wealth Management LP now owns 8,508 shares of the company’s stock worth $318,000 after acquiring an additional 2,091 shares during the period. Centaurus Financial Inc. increased its holdings in shares of DraftKings by 4.1% in the third quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after purchasing an additional 410 shares during the last quarter. Finally, Asset Dedication LLC acquired a new position in DraftKings in the 3rd quarter valued at about $37,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DKNG. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of DraftKings in a report on Thursday, March 5th. Zacks Research cut shares of DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Northland Securities set a $24.00 price objective on shares of DraftKings in a report on Tuesday, February 17th. Jefferies Financial Group set a $46.00 target price on shares of DraftKings in a research report on Tuesday, March 3rd. Finally, Truist Financial reduced their target price on DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $37.09.

DraftKings Trading Up 0.2%

Shares of DKNG stock opened at $25.28 on Thursday. DraftKings Inc. has a twelve month low of $21.01 and a twelve month high of $48.78. The stock’s fifty day simple moving average is $27.28 and its 200 day simple moving average is $32.77. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The firm has a market capitalization of $12.46 billion, a P/E ratio of -632.00, a P/E/G ratio of 1.04 and a beta of 1.67.

Insiders Place Their Bets

In other DraftKings news, CAO Erik Bradbury sold 7,268 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the completion of the transaction, the chief accounting officer directly owned 36,736 shares in the company, valued at approximately $826,560. This represents a 16.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $16,005,000. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 549,495 shares of company stock worth $14,166,700 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.