Highview Capital Management LLC DE Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Highview Capital Management LLC DE raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,474 shares of the company’s stock after purchasing an additional 580 shares during the quarter. Highview Capital Management LLC DE’s holdings in DraftKings were worth $1,580,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in shares of DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $30,000. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings in the 3rd quarter worth approximately $43,000. V Square Quantitative Management LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV raised its holdings in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $53.49 on Monday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50-day simple moving average of $40.54 and a two-hundred day simple moving average of $38.77.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities analysts forecast that DraftKings Inc. will post -0.95 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Canaccord Genuity Group lifted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday. Barclays upped their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.64.

Insider Buying and Selling at DraftKings

In related 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 transaction of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were 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. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,163,742 shares of company stock worth $47,082,888. 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.