Strategic Planning Group LLC Boosts Stock Holdings in DraftKings Inc. $DKNG

Strategic Planning Group LLC raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 29.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,095 shares of the company’s stock after purchasing an additional 25,613 shares during the quarter. Strategic Planning Group LLC’s holdings in DraftKings were worth $4,192,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. IHT Wealth Management LLC boosted its holdings in DraftKings by 4.1% in the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in shares of DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after purchasing an additional 286 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of DraftKings by 7.3% during the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after purchasing an additional 328 shares during the period. Finally, Valeo Financial Advisors LLC grew its holdings in shares of DraftKings by 3.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after purchasing an additional 348 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of DKNG stock opened at $34.66 on Thursday. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The company’s fifty day moving average price is $32.70 and its two-hundred day moving average price is $38.66. The firm has a market capitalization of $17.25 billion, a P/E ratio of -60.81, a P/E/G ratio of 0.69 and a beta of 1.63. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company posted ($0.60) EPS. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on DKNG shares. Citigroup started coverage on shares of DraftKings in a research report on Friday, November 21st. They set a “buy” rating and a $48.00 price target on the stock. BMO Capital Markets dropped their price objective on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Susquehanna reduced their target price on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating on the stock in a report on Monday, November 10th. Macquarie lowered their price target on DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Finally, Wells Fargo & Company assumed coverage on DraftKings in a research note on Tuesday, November 18th. They set an “equal weight” rating and a $31.00 price objective on the stock. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $47.07.

Insider Activity at DraftKings

In related news, Director Gregory Westin Wendt bought 10,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was bought at an average price of $30.27 per share, with a total value of $302,700.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. The trade was a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 166,752 shares of company stock worth $5,387,153 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.