DraftKings Inc. (NASDAQ:DKNG) Position Boosted by Parallel Advisors LLC

Parallel Advisors LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 13.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 53,605 shares of the company’s stock after buying an additional 6,186 shares during the period. Parallel Advisors LLC’s holdings in DraftKings were worth $1,994,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pine Valley Investments Ltd Liability Co increased its holdings in shares of DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares during the last quarter. Claro Advisors LLC boosted its holdings in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the period. Allworth Financial LP increased its stake in 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 last quarter. Westside Investment Management Inc. raised its holdings 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 worth $1,678,000 after purchasing an additional 288 shares during the period. Finally, Nvwm LLC lifted its position in shares of DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after buying an additional 312 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Argus set a $60.00 price objective on shares of DraftKings in a research report on Tuesday, February 18th. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Canaccord Genuity Group raised their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Morgan Stanley raised their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Stock Performance

Shares of DKNG opened at $36.91 on Wednesday. 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 firm’s 50 day moving average is $42.16 and its 200-day moving average is $40.21. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The stock has a market capitalization of $18.08 billion, a P/E ratio of -34.82, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last posted 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 return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,663,966 shares of company stock valued at $112,550,362 over the last three months. 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.