Claro Advisors LLC Increases Stake in DraftKings Inc. (NASDAQ:DKNG)

Claro Advisors LLC boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,829 shares of the company’s stock after acquiring an additional 631 shares during the period. Claro Advisors LLC’s holdings in DraftKings were worth $699,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. LRI Investments LLC acquired a new position in DraftKings during the 1st quarter worth approximately $31,000. Alta Advisers Ltd acquired a new position in DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings during the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC acquired a new position in DraftKings during the 2nd quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings during the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 in the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on DKNG. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Macquarie upped their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a report on Tuesday, September 10th. Finally, TD Cowen upped their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.85.

DraftKings Stock Performance

Shares of DKNG opened at $39.84 on Monday. The company has a 50-day simple moving average of $38.35 and a 200-day simple moving average of $37.89. The company has a quick ratio of 1.11, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $35.08 billion, a PE ratio of -45.27 and a beta of 1.82. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company 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%. Equities research analysts predict that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

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.