DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,769 shares of the company’s stock after buying an additional 11,894 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in DraftKings were worth $5,609,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pine Valley Investments Ltd Liability Co raised its stake in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after purchasing an additional 249 shares during the period. Claro Advisors LLC raised its stake in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after purchasing an additional 264 shares during the period. Allworth Financial LP raised its stake in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares during the period. Westside Investment Management Inc. raised its stake in shares of DraftKings by 0.6% during the fourth 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 during the period. Finally, Nvwm LLC raised its stake in shares of DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value 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 $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,663,966 shares of company stock valued at $112,550,362 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Performance

Shares of DKNG opened at $36.91 on Wednesday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market cap of $18.08 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a fifty day moving average of $42.16 and a 200-day moving average of $40.21.

DraftKings (NASDAQ:DKNG) last announced its quarterly 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DKNG. TD Cowen dropped their price target 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. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

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.