CIBC Private Wealth Group LLC Acquires 210,996 Shares of DraftKings Inc. (NASDAQ:DKNG)

CIBC Private Wealth Group LLC grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.2% in the fourth quarter, HoldingsChannel reports. The fund owned 985,926 shares of the company’s stock after purchasing an additional 210,996 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in DraftKings were worth $37,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the transaction, the insider now owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock valued at $117,241,446 in the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Needham & Company LLC set a $65.00 price target on DraftKings in a research note on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Truist Financial increased their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $54.42.

DraftKings Trading Down 4.7 %

NASDAQ DKNG opened at $35.29 on Monday. The stock has a market cap of $17.64 billion, a PE ratio of -33.29, 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 company’s 50-day moving average price is $42.01 and its 200-day moving average price is $40.36. 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 (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) 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%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

About DraftKings

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.