YANKCOM Partnership Takes Position in DraftKings Inc. (NASDAQ:DKNG)

YANKCOM Partnership purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, HoldingsChannel reports. The fund purchased 1,291 shares of the company’s stock, valued at approximately $48,000.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. Mizuho Securities USA LLC acquired a new position in shares of DraftKings in the 3rd quarter worth $28,028,000. Janney Montgomery Scott LLC grew its holdings in shares of DraftKings by 51.6% in 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 last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 worth $124,470,000 after acquiring an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Up 0.5 %

Shares of DKNG opened at $42.44 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $37.37 billion, a price-to-earnings ratio of -48.23, a P/E/G ratio of 3.14 and a beta of 1.93. The stock’s 50-day moving average price is $40.38 and its 200 day moving average price is $38.33.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. 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 -0.93 earnings per share for the current year.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of recent research reports. JMP Securities decreased their target price on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Tuesday, January 7th. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. lifted their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Three investment 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 currently has an average rating of “Moderate Buy” and an average price target of $50.92.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred 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 directly owns 541,884 shares in the company, 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. Over the last ninety days, insiders have sold 963,742 shares of company stock valued at $38,082,888. 48.94% of the stock is currently owned by corporate 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.