Global Retirement Partners LLC Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

Global Retirement Partners LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 81.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,802 shares of the company’s stock after selling 38,265 shares during the quarter. Global Retirement Partners LLC’s holdings in DraftKings were worth $327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of DKNG. Braun Stacey Associates Inc. increased its stake in DraftKings by 2.7% during the 4th quarter. Braun Stacey Associates Inc. now owns 302,410 shares of the company’s stock valued at $11,250,000 after purchasing an additional 8,070 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of DraftKings by 20.7% in the 4th quarter. D.A. Davidson & CO. now owns 28,924 shares of the company’s stock valued at $1,076,000 after acquiring an additional 4,952 shares during the period. CIBC Asset Management Inc increased its position in shares of DraftKings by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 14,436 shares of the company’s stock valued at $537,000 after acquiring an additional 746 shares during the period. Highview Capital Management LLC DE raised its stake in DraftKings by 1.4% in the 4th quarter. Highview Capital Management LLC DE now owns 42,474 shares of the company’s stock worth $1,580,000 after acquiring an additional 580 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its stake in DraftKings by 6.8% during the 4th quarter. Sanctuary Advisors LLC now owns 30,165 shares of the company’s stock valued at $1,122,000 after purchasing an additional 1,932 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 2.9 %

Shares of DraftKings stock opened at $44.27 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The firm has a market capitalization of $21.69 billion, a PE ratio of -41.76, a P/E/G ratio of 1.43 and a beta of 1.93. The firm’s 50-day moving average price is $41.52 and its 200 day moving average price is $39.50.

DraftKings (NASDAQ:DKNG) last released its 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Piper Sandler restated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Canaccord Genuity Group raised their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Truist Financial raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Argus set a $60.00 price target on shares of DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 532,095 shares of the business’s 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 transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the 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 completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,748,176 shares of company stock valued at $74,591,032 in the last 90 days. 48.94% of the stock is owned by 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.