Vestmark Advisory Solutions Inc. Takes $6.84 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Vestmark Advisory Solutions Inc. bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 194,164 shares of the company’s stock, valued at approximately $6,844,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the period. Cornerstone Wealth Management LLC grew its stake in shares of DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after purchasing an additional 341 shares during the last quarter. Signaturefd LLC increased its holdings in shares of DraftKings by 7.6% in the third quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after purchasing an additional 379 shares during the period. Stratos Wealth Advisors LLC raised its stake in shares of DraftKings by 3.8% during the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after purchasing an additional 381 shares during the last quarter. Finally, Gables Capital Management Inc. lifted its holdings in shares of DraftKings by 2.2% during the third quarter. Gables Capital Management Inc. now owns 18,330 shares of the company’s stock worth $540,000 after purchasing an additional 400 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 2.8 %

DKNG traded down $1.21 on Friday, reaching $41.82. 27,186,840 shares of the company’s stock were exchanged, compared to its average volume of 9,189,177. DraftKings Inc. has a twelve month low of $21.07 and a twelve month high of $49.57. The company’s 50 day moving average is $43.58 and its 200-day moving average is $38.78. The company has a market cap of $36.24 billion, a price-to-earnings ratio of -35.44 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the company posted ($0.87) earnings per share. The firm’s revenue for the quarter was up 52.7% on a year-over-year basis. Equities analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the sale, the insider now owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,086,101 shares of company stock worth $45,903,509. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on DKNG shares. BMO Capital Markets boosted their price objective on shares of DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Needham & Company LLC reissued a “buy” rating and set a $58.00 price target on shares of DraftKings in a report on Friday. Piper Sandler lifted their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Wells Fargo & Company boosted their target price on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Finally, Stifel Nicolaus raised DraftKings from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $45.00 in a report on Friday, January 19th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.45.

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.