Balanced Wealth Group LLC Decreases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Balanced Wealth Group LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,843 shares of the company’s stock after selling 364 shares during the period. Balanced Wealth Group LLC’s holdings in DraftKings were worth $217,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Achmea Investment Management B.V. purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $1,669,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in DraftKings by 37.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 683,942 shares of the company’s stock valued at $25,443,000 after purchasing an additional 186,971 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in DraftKings by 16.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company’s stock valued at $92,000 after purchasing an additional 353 shares in the last quarter. Prosperity Wealth Management Inc. increased its holdings in DraftKings by 17.1% in the 4th quarter. Prosperity Wealth Management Inc. now owns 62,114 shares of the company’s stock valued at $2,311,000 after purchasing an additional 9,052 shares in the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in DraftKings in the 4th quarter valued at about $789,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 532,095 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock worth $108,506,588 over the last quarter. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DKNG has been the topic of several research analyst reports. Argus set a $60.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. BTIG Research set a $59.00 price objective on shares of DraftKings in a research note on Monday, February 3rd. Susquehanna reduced their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company raised their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Finally, Barclays raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Price Performance

DKNG opened at $38.63 on Thursday. The firm has a market cap of $18.93 billion, a P/E ratio of -36.44, a PEG ratio of 1.43 and a beta of 2.07. The firm has a 50-day moving average of $42.12 and a 200 day moving average of $40.09. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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 EPS for the current year.

DraftKings Company 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.