HighPoint Advisor Group LLC Buys 680 Shares of DraftKings Inc. (NASDAQ:DKNG)

HighPoint Advisor Group LLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 7.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,224 shares of the company’s stock after buying an additional 680 shares during the quarter. HighPoint Advisor Group LLC’s holdings in DraftKings were worth $380,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new stake in DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $30,000. Synergy Investment Management LLC purchased a new position in shares of DraftKings during the 4th quarter valued at $37,000. Delos Wealth Advisors LLC bought a new position in DraftKings in the 3rd quarter worth $43,000. Finally, YANKCOM Partnership purchased a new stake in DraftKings in the 4th quarter worth $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the sale, the insider now owns 682,764 shares in the company, valued at $26,593,657.80. This trade represents a 48.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

DKNG has been the subject of a number of recent analyst reports. Canaccord Genuity Group upped their price objective on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. Piper Sandler reissued an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Barclays raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Truist Financial boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $54.42.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $34.43 on Thursday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $17.21 billion, a price-to-earnings ratio of -32.48, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm’s 50-day moving average is $41.59 and its 200 day moving average is $40.25.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.