Scholtz & Company LLC Invests $1.81 Million in DraftKings Inc. (NASDAQ:DKNG)

Scholtz & Company LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 48,554 shares of the company’s stock, valued at approximately $1,806,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pine Valley Investments Ltd Liability Co boosted its stake in DraftKings by 3.7% in the third 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 in the last quarter. Claro Advisors LLC boosted its position in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after purchasing an additional 264 shares during the period. Allworth Financial LP grew its stake in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after buying an additional 271 shares during the last quarter. Westside Investment Management Inc. increased its position in DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after buying an additional 288 shares during the period. Finally, Nvwm LLC lifted its stake in DraftKings by 1.6% in the fourth 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 last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research reports. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Stifel Nicolaus lifted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Truist Financial increased their target price 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. TD Cowen dropped their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Finally, Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $54.42.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the sale, the director now directly owns 1,612 shares of the company’s stock, valued at approximately $67,704. This represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock worth $117,241,446 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Down 0.1 %

Shares of NASDAQ:DKNG opened at $33.19 on Wednesday. The company has a 50 day moving average of $41.72 and a 200-day moving average of $40.29. 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 firm has a market cap of $16.59 billion, a P/E ratio of -31.31, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. As a group, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.