Prosperity Wealth Management Inc. Purchases 9,052 Shares of DraftKings Inc. (NASDAQ:DKNG)

Prosperity Wealth Management Inc. boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 17.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,114 shares of the company’s stock after purchasing an additional 9,052 shares during the quarter. DraftKings makes up approximately 1.0% of Prosperity Wealth Management Inc.’s investment portfolio, making the stock its 15th largest holding. Prosperity Wealth Management Inc.’s holdings in DraftKings were worth $2,311,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. bought a new position in DraftKings in the fourth quarter worth about $246,765,000. FMR LLC raised its holdings in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares in the last quarter. Fred Alger Management LLC raised its holdings in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after acquiring an additional 236,427 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler restated an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Wells Fargo & Company boosted their price target on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. JMP Securities restated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Finally, Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Stock Up 3.8 %

Shares of NASDAQ:DKNG opened at $38.66 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The business has a fifty day moving average of $42.09 and a two-hundred day moving average of $40.10. The stock has a market cap of $18.94 billion, a P/E ratio of -36.47, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,558,412 shares of company stock worth $108,506,588 in the last three months. 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.