NewSquare Capital LLC Sells 500 Shares of DraftKings Inc. (NASDAQ:DKNG)

NewSquare Capital LLC lowered its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 33.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,000 shares of the company’s stock after selling 500 shares during the period. NewSquare Capital LLC’s holdings in DraftKings were worth $37,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. New York State Teachers Retirement System raised its position in DraftKings by 5.4% during the 3rd quarter. New York State Teachers Retirement System now owns 40,871 shares of the company’s stock worth $1,602,000 after purchasing an additional 2,092 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after buying an additional 128,676 shares during the period. Van ECK Associates Corp raised its position in shares of DraftKings by 54.2% during the third quarter. Van ECK Associates Corp now owns 131,693 shares of the company’s stock worth $4,820,000 after acquiring an additional 46,314 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of DraftKings by 8.0% during the third quarter. Asset Management One Co. Ltd. now owns 160,176 shares of the company’s stock worth $6,279,000 after acquiring an additional 11,932 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its stake in shares of DraftKings by 11.8% in the third quarter. QRG Capital Management Inc. now owns 57,433 shares of the company’s stock worth $2,251,000 after acquiring an additional 6,058 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DKNG. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Stifel Nicolaus boosted their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Morgan Stanley increased their price target on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, TD Cowen dropped their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Trading Up 5.1 %

NASDAQ DKNG opened at $43.41 on Thursday. The stock has a market capitalization of $21.27 billion, a price-to-earnings ratio of -40.95, a PEG ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The business’s fifty day moving average is $42.00 and its 200-day moving average is $39.97.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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 predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value 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 trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,783,488 shares of company stock worth $118,128,867. Corporate insiders own 51.19% of the company’s stock.

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.