DraftKings Inc. $DKNG Stake Boosted by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC grew its position in DraftKings Inc. (NASDAQ:DKNG) by 30.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,998 shares of the company’s stock after purchasing an additional 21,142 shares during the period. Foundations Investment Advisors LLC’s holdings in DraftKings were worth $3,136,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Dagco Inc. acquired a new stake in shares of DraftKings in the 4th quarter valued at $26,000. Ameriflex Group Inc. increased its position in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares during the last quarter. Asset Dedication LLC acquired a new position in DraftKings during the third quarter worth $37,000. AlphaQuest LLC bought a new position in DraftKings during the third quarter valued at about $41,000. Finally, Montag A & Associates Inc. raised its holdings in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 500 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, CAO Erik Bradbury sold 2,883 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the sale, the chief accounting officer directly owned 38,168 shares of the company’s stock, valued at $937,406.08. The trade was a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jocelyn Moore sold 2,150 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $55,040.00. Following the sale, the director owned 1,406 shares of the company’s stock, valued at $35,993.60. The trade was a 60.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 524,546 shares of company stock worth $13,215,769 in the last ninety days. 47.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on DKNG shares. BTIG Research upped their price target on DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Citigroup boosted their target price on DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. HSBC raised shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. JPMorgan Chase & Co. lowered their target price on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. Finally, Canaccord Genuity Group cut their target price on shares of DraftKings from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.32.

DraftKings Stock Down 0.2%

Shares of NASDAQ DKNG opened at $24.49 on Friday. The stock has a market cap of $12.15 billion, a PE ratio of 408.17 and a beta of 1.67. The business has a fifty day moving average of $23.61 and a two-hundred day moving average of $27.78. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the company posted ($0.07) EPS. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, equities research analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.