Anthracite Investment Company Inc. Raises Position in DraftKings Inc. (NASDAQ:DKNG)

Anthracite Investment Company Inc. raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 115.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 60,000 shares of the company’s stock after acquiring an additional 32,150 shares during the quarter. Anthracite Investment Company Inc.’s holdings in DraftKings were worth $2,232,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co boosted its position in shares of DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after acquiring an additional 249 shares during the last quarter. Claro Advisors LLC increased its holdings in DraftKings by 1.5% during 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 last quarter. Allworth Financial LP raised its holdings in DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after acquiring an additional 271 shares in the last quarter. Westside Investment Management Inc. lifted its position in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares during the last quarter. Finally, Nvwm LLC grew its position 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 acquiring an additional 312 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DKNG. Canaccord Genuity Group boosted their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Piper Sandler reiterated an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Stifel Nicolaus lifted their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.44.

Insider Buying and Selling

In other news, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares in the company, valued at $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,663,966 shares of company stock worth $112,550,362. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $38.95 on Wednesday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The firm has a market cap of $19.08 billion, a price-to-earnings ratio of -36.75, a PEG ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a 50-day simple moving average of $42.16 and a two-hundred day simple moving average of $40.37.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) 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, equities analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal 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.