DraftKings Inc. (NASDAQ:DKNG) Stock Position Decreased by Tyler Stone Wealth Management

Tyler Stone Wealth Management decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 6.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,598 shares of the company’s stock after selling 780 shares during the quarter. Tyler Stone Wealth Management’s holdings in DraftKings were worth $394,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. boosted its holdings in DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after purchasing an additional 26,164 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in DraftKings by 2.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after buying an additional 35,466 shares during the last quarter. Stifel Financial Corp raised its holdings in DraftKings by 27.7% during the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after buying an additional 42,431 shares in the last quarter. Finally, FMR LLC lifted its position in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $37.68 on Thursday. The stock has a market capitalization of $18.46 billion, a price-to-earnings ratio of -35.55, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The business’s fifty day moving average price is $42.14 and its two-hundred day moving average price is $40.35. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. 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 (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DKNG. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Truist Financial upped their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Stifel Nicolaus lifted their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company upped their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $54.44.

Insider Activity

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48 % 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 hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,131,871 shares of company stock worth $92,171,123. Insiders own 51.19% of the company’s stock.

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.