Golden State Wealth Management LLC Buys Shares of 1,964 DraftKings Inc. (NASDAQ:DKNG)

Golden State Wealth Management LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,964 shares of the company’s stock, valued at approximately $73,000.

Other large investors also recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co increased its holdings in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares in the last quarter. Claro Advisors LLC increased its stake in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares during the period. Global Retirement Partners LLC raised its holdings in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares during the last quarter. Westside Investment Management Inc. boosted its position in DraftKings by 0.6% during the 4th 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 boosted its position in DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after buying an additional 312 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

NASDAQ DKNG opened at $42.84 on Tuesday. The company has a fifty day moving average price of $40.35 and a 200-day moving average price of $38.41. The firm has a market cap of $20.89 billion, a price-to-earnings ratio of -48.68, a PEG ratio of 3.18 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

Insiders Place Their Bets

In other news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 200,000 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 963,742 shares of company stock valued at $38,082,888. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of several analyst reports. Susquehanna reduced their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Barclays lifted their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.92.

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.