1248 Management LLC Invests $591,000 in DraftKings Inc. (NASDAQ:DKNG)

1248 Management LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 15,885 shares of the company’s stock, valued at approximately $591,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its stake in DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after buying an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC acquired a new stake in DraftKings in the fourth quarter worth about $874,000. Highland Capital Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of DraftKings by 18.2% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after acquiring an additional 6,059 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,628,302 shares of company stock worth $111,145,088. Insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.1 %

Shares of NASDAQ:DKNG opened at $33.26 on Friday. The firm has a market capitalization of $29.37 billion, a price-to-earnings ratio of -31.38, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The business’s 50 day moving average price is $36.42 and its 200-day moving average price is $39.39. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on DKNG shares. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Barclays lowered their price objective on shares of DraftKings from $60.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. JMP Securities set a $57.00 price target on DraftKings in a research report on Wednesday, April 2nd. Finally, Morgan Stanley increased their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.48.

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.