Oppenheimer Asset Management Inc. Has $1.04 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer Asset Management Inc. raised its position in DraftKings Inc. (NASDAQ:DKNG) by 79.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 26,566 shares of the company’s stock after purchasing an additional 11,734 shares during the period. Oppenheimer Asset Management Inc.’s holdings in DraftKings were worth $1,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC grew its holdings in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV grew its holdings in DraftKings by 36.8% in 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 in the last quarter. Brown Lisle Cummings Inc. lifted its position in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after acquiring an additional 325 shares during the period. Finally, HighMark Wealth Management LLC lifted its position in shares of DraftKings by 18.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after acquiring an additional 329 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Morgan Stanley upped their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. The Goldman Sachs Group cut their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Susquehanna upped their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Finally, Macquarie upped their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.85.

Insider Activity

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

DraftKings Trading Up 6.3 %

Shares of DraftKings stock opened at $42.35 on Tuesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The stock has a 50 day moving average price of $38.48 and a two-hundred day moving average price of $37.88. The stock has a market capitalization of $37.30 billion, a PE ratio of -48.13 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

About DraftKings

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.