Synergy Investment Management LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Synergy Investment Management LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,000 shares of the company’s stock, valued at approximately $37,000.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after acquiring an additional 284,131 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the fourth quarter worth approximately $246,765,000. FMR LLC lifted its stake in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Fred Alger Management LLC lifted its stake in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted its stake in shares of DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after acquiring an additional 236,427 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DKNG shares. Stifel Nicolaus lifted their price objective on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. TD Cowen cut their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. BTIG Research set a $59.00 price target on DraftKings in a research note on Monday, February 3rd. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Finally, Needham & Company LLC set a $65.00 price target on DraftKings in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Trading Up 5.1 %

Shares of DraftKings stock opened at $43.41 on Thursday. The stock has a fifty day simple moving average of $42.00 and a 200 day simple moving average of $39.97. 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 $21.27 billion, a P/E ratio of -40.95, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. 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 (NASDAQ:DKNG) last announced its quarterly 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 anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction 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 owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,783,488 shares of company stock worth $118,128,867. 51.19% of the stock is owned by corporate insiders.

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.