Independence Bank of Kentucky Buys Shares of 12,285 DraftKings Inc. (NASDAQ:DKNG)

Independence Bank of Kentucky purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 12,285 shares of the company’s stock, valued at approximately $457,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Synergy Asset Management LLC purchased a new stake in DraftKings during the fourth quarter worth $30,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings during the 3rd quarter worth $43,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings in the 3rd quarter worth about $46,000. Creative Financial Designs Inc. ADV grew its stake 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 acquiring an additional 320 shares during the last quarter. Finally, Toth Financial Advisory Corp purchased a new position in DraftKings during the 4th quarter valued at about $58,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of recent research reports. Barclays raised their price objective on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. TD Cowen raised their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Benchmark restated a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research report on Tuesday, January 7th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $51.08.

DraftKings Stock Performance

NASDAQ:DKNG opened at $41.95 on Friday. The firm’s fifty day simple moving average is $40.46 and its 200 day simple moving average is $38.24. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The firm has a market capitalization of $36.94 billion, a price-to-earnings ratio of -47.67, a PEG ratio of 3.14 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, equities research analysts expect that DraftKings Inc. will post -0.93 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock valued at $38,082,888 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

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.