Congress Wealth Management LLC DE Purchases 1,160 Shares of DraftKings Inc. (NASDAQ:DKNG)

Congress Wealth Management LLC DE lifted its position in DraftKings Inc. (NASDAQ:DKNG) by 8.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,630 shares of the company’s stock after purchasing an additional 1,160 shares during the quarter. Congress Wealth Management LLC DE’s holdings in DraftKings were worth $544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the fourth quarter worth approximately $30,000. Synergy Investment Management LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $37,000. Delos Wealth Advisors LLC bought a new stake in DraftKings during the third quarter valued at approximately $43,000. Finally, YANKCOM Partnership purchased a new position in DraftKings in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $35.29 on Friday. The company’s 50-day moving average is $42.01 and its 200 day moving average is $40.32. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $17.29 billion, a P/E ratio of -33.29, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

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 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 expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on DKNG shares. Truist Financial raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Morgan Stanley upped their price objective on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Susquehanna decreased their price objective 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. upped their target price on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Finally, Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.42.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is currently owned by company 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.