Nwam LLC Has $1.22 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Nwam LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.4% in the fourth quarter, HoldingsChannel reports. The fund owned 32,773 shares of the company’s stock after selling 5,076 shares during the period. Nwam LLC’s holdings in DraftKings were worth $1,219,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Stonebridge Financial Group LLC bought a new stake in DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the 4th quarter valued at about $30,000. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth approximately $43,000. Creative Financial Designs Inc. ADV raised 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 worth $47,000 after buying an additional 320 shares during the last quarter. Finally, YANKCOM Partnership acquired a new position in DraftKings in the fourth quarter valued at approximately $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on DKNG. Canaccord Genuity Group lifted their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Needham & Company LLC set a $65.00 target price on DraftKings in a research report on Tuesday, February 18th. Finally, Morgan Stanley increased their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Trading Down 1.4 %

NASDAQ:DKNG opened at $42.74 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.93 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 has a market cap of $20.94 billion, a P/E ratio of -40.32, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. The business has a 50 day moving average price of $41.71 and a two-hundred day moving average price of $39.63.

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

Insider Activity

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’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 value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold 2,573,488 shares of company stock worth $109,600,767 in the last quarter. Corporate insiders own 48.94% 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.