Farther Finance Advisors LLC Has $92,000 Stake in DraftKings Inc. (NASDAQ:DKNG)

Farther Finance Advisors LLC boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 16.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,480 shares of the company’s stock after buying an additional 353 shares during the quarter. Farther Finance Advisors LLC’s holdings in DraftKings were worth $92,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of DKNG. Baillie Gifford & Co. acquired a new stake in DraftKings in the 4th quarter valued at $246,765,000. Fred Alger Management LLC raised its position in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. FMR LLC raised its position in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Blue Whale Capital LLP raised its position in DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock valued at $64,475,000 after purchasing an additional 615,011 shares during the last quarter. Finally, Mediolanum International Funds Ltd bought a new position in DraftKings in the 4th quarter valued at $17,334,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of several research analyst reports. Argus set a $60.00 price objective on DraftKings in a research report on Tuesday, February 18th. Cowen reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Benchmark boosted their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. TD Cowen dropped their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Susquehanna dropped their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Up 2.7 %

DKNG stock opened at $39.49 on Friday. 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 stock has a market capitalization of $19.35 billion, a P/E ratio of -37.25, a P/E/G ratio of 1.43 and a beta of 2.07. The business has a 50-day moving average of $42.17 and a 200-day moving average of $40.22. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last released its 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, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the sale, the insider now owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,663,966 shares of company stock worth $112,550,362. Corporate insiders own 51.19% of the company’s stock.

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.