Kingswood Wealth Advisors LLC Increases Position in DraftKings Inc. (NASDAQ:DKNG)

Kingswood Wealth Advisors LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 44.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,559 shares of the company’s stock after purchasing an additional 2,636 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in DraftKings were worth $318,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings in the 3rd quarter worth $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings in the third quarter valued at about $46,000. Creative Financial Designs Inc. ADV boosted its holdings in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares in the last quarter. Eastern Bank acquired a new position in shares of DraftKings during the third quarter valued at about $59,000. Finally, Toth Financial Advisory Corp purchased a new position in shares of DraftKings in the 4th quarter valued at approximately $58,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 1.8 %

Shares of DraftKings stock opened at $41.95 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The firm has a market capitalization of $36.94 billion, a PE ratio of -47.67, a P/E/G ratio of 3.14 and a beta of 1.90. The firm’s 50-day moving average price is $40.48 and its 200 day moving average price is $38.23.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, sell-side analysts predict that DraftKings Inc. will post -0.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now 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 ownership of the stock. The sale was disclosed in a filing 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 that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, 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. Insiders sold a total of 963,742 shares of company stock valued at $38,082,888 over the last quarter. 51.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on DKNG shares. TD Cowen upped their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. JMP Securities cut their price objective on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Finally, Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three investment 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, the company has an average rating of “Moderate Buy” and a consensus target price of $51.08.

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.