IFP Advisors Inc Purchases 7,785 Shares of DraftKings Inc. (NASDAQ:DKNG)

IFP Advisors Inc grew its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 23.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,477 shares of the company’s stock after buying an additional 7,785 shares during the quarter. IFP Advisors Inc’s holdings in DraftKings were worth $1,543,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co lifted its stake in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares during the period. Claro Advisors LLC boosted its holdings in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP grew its position in DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares during the period. Westside Investment Management Inc. raised its stake in DraftKings by 0.6% during the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after buying an additional 288 shares during the last quarter. Finally, Nvwm LLC lifted its holdings in shares of DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after buying an additional 312 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $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 three months, insiders have sold 2,573,488 shares of company stock worth $109,600,767. Corporate insiders own 48.94% of the company’s stock.

DraftKings Trading Up 2.0 %

DraftKings stock opened at $43.36 on Thursday. 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 firm’s 50 day moving average price is $41.64 and its 200-day moving average price is $39.61. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a market cap of $21.24 billion, a P/E ratio of -40.91, a PEG ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last announced its quarterly 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Truist Financial upped their price target 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. Stifel Nicolaus raised their price objective 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, BTIG Research set a $59.00 target price on shares of DraftKings in a report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $54.44.

DraftKings 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.