SVB Wealth LLC Acquires Shares of 117,512 DraftKings Inc. (NASDAQ:DKNG)

SVB Wealth LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 117,512 shares of the company’s stock, valued at approximately $4,371,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of DraftKings by 5.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 34,757 shares of the company’s stock valued at $1,362,000 after acquiring an additional 1,782 shares in the last quarter. Nisa Investment Advisors LLC increased its position in DraftKings by 0.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 72,506 shares of the company’s stock valued at $2,842,000 after purchasing an additional 600 shares during the period. New York State Teachers Retirement System raised its holdings in shares of DraftKings by 5.4% in the 3rd quarter. New York State Teachers Retirement System now owns 40,871 shares of the company’s stock valued at $1,602,000 after purchasing an additional 2,092 shares in the last quarter. US Bancorp DE lifted its position in shares of DraftKings by 110.2% in the 3rd quarter. US Bancorp DE now owns 859,715 shares of the company’s stock worth $33,701,000 after purchasing an additional 450,773 shares during the period. Finally, Creative Financial Designs Inc. ADV boosted its stake in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Piper Sandler reissued an “overweight” rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Barclays raised their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Macquarie boosted their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Cowen restated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $43.86 on Friday. 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 company’s 50 day moving average is $41.78 and its 200 day moving average is $39.79. The company has a market cap of $21.49 billion, a PE ratio of -41.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

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

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred 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 $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,573,488 shares of company stock worth $109,600,767. Insiders own 51.19% of the company’s stock.

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.