Concurrent Investment Advisors LLC Buys 2,927 Shares of DraftKings Inc. (NASDAQ:DKNG)

Concurrent Investment Advisors LLC raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 19.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 18,224 shares of the company’s stock after buying an additional 2,927 shares during the period. Concurrent Investment Advisors LLC’s holdings in DraftKings were worth $678,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co grew its position 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 worth $271,000 after acquiring an additional 249 shares in the last quarter. Claro Advisors LLC raised its stake in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after buying an additional 264 shares in the last quarter. Allworth Financial LP increased its position in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares in the last quarter. Westside Investment Management Inc. increased its position in shares of 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 purchasing an additional 288 shares in the last quarter. Finally, Nvwm LLC grew its holdings in shares of DraftKings by 1.6% during 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. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,160,591 shares of company stock valued at $46,945,158. Insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, Argus set a $60.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $54.26.

DraftKings Stock Down 7.8 %

Shares of NASDAQ DKNG opened at $45.57 on Monday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a market capitalization of $22.33 billion, a PE ratio of -42.99, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm’s 50-day moving average is $41.41 and its two-hundred day moving average is $39.40.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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%. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings Company 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.