Perfromance Wealth Partners LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Perfromance Wealth Partners LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 6,695 shares of the company’s stock, valued at approximately $249,000.

Several other institutional investors have also recently made changes to their positions in DKNG. Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at approximately $43,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV raised its position in shares of DraftKings by 36.8% during 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 during the period. Eastern Bank purchased a new stake in DraftKings in the third quarter valued at approximately $59,000. Finally, Quarry LP purchased a new stake in DraftKings in the second quarter valued at approximately $87,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. JMP Securities cut their target price on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. Wells Fargo & Company boosted their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. 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. Mizuho upped their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. 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 has an average rating of “Moderate Buy” and an average price target of $51.08.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of the 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 transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock valued at $41,303,025 in the last ninety days. Insiders own 48.94% of the company’s stock.

DraftKings Trading Up 5.7 %

Shares of DraftKings stock opened at $41.51 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company’s fifty day moving average is $40.57 and its two-hundred day moving average is $37.99. The company has a market capitalization of $36.56 billion, a P/E ratio of -47.17, a PEG ratio of 2.94 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts forecast that DraftKings Inc. will post -0.9 earnings per share for the current 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.