Fortis Group Advisors LLC Reduces Position in DraftKings Inc. (NASDAQ:DKNG)

Fortis Group Advisors LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 6.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,033 shares of the company’s stock after selling 696 shares during the quarter. Fortis Group Advisors LLC’s holdings in DraftKings were worth $373,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of DKNG. Pine Valley Investments Ltd Liability Co raised its holdings in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after purchasing an additional 249 shares during the last quarter. Claro Advisors LLC grew its position in DraftKings by 1.5% in the 4th 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 raised its stake in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after buying an additional 271 shares during the last quarter. Westside Investment Management Inc. lifted its holdings in shares of DraftKings by 0.6% during the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after buying an additional 288 shares during the period. Finally, Nvwm LLC boosted its stake 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 own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Paul Liberman sold 532,095 shares of the business’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 transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,163,742 shares of company stock worth $47,082,888. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DKNG. JMP Securities reiterated a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday. TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Canaccord Genuity Group raised their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Finally, Benchmark lifted their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.64.

DraftKings Trading Up 15.2 %

Shares of DraftKings stock opened at $53.49 on Tuesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The business has a 50-day moving average price of $40.76 and a 200-day moving average price of $38.89. The firm has a market cap of $26.08 billion, a price-to-earnings ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. Equities research analysts anticipate that DraftKings Inc. will post -0.95 EPS for the current fiscal year.

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.