Highland Capital Management LLC Purchases New Holdings in DraftKings Inc. (NASDAQ:DKNG)

Highland Capital Management LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, Holdings Channel reports. The firm acquired 29,207 shares of the company’s stock, valued at approximately $1,086,000.

Other institutional investors also recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co increased its stake in shares of 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 buying an additional 249 shares during the last quarter. Claro Advisors LLC grew its holdings in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after purchasing an additional 273 shares during the last quarter. Westside Investment Management Inc. raised its stake in shares of DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV raised its stake in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the 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 sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was 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 owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock valued at $38,082,888 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

NASDAQ DKNG opened at $42.73 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The stock’s 50-day moving average price is $40.50 and its two-hundred day moving average price is $38.19. The company has a market cap of $37.63 billion, a PE ratio of -48.56, a PEG ratio of 3.07 and a beta of 1.90. 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 (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, analysts predict that DraftKings Inc. will post -0.9 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on DKNG shares. JPMorgan Chase & Co. boosted their price objective on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Wells Fargo & Company upped their price target on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays lifted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Macquarie increased their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, DraftKings currently 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.