Stonekeep Investments LLC Buys 944 Shares of DraftKings Inc. (NASDAQ:DKNG)

Stonekeep Investments LLC lifted its position in DraftKings Inc. (NASDAQ:DKNG) by 15.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 6,863 shares of the company’s stock after purchasing an additional 944 shares during the quarter. Stonekeep Investments LLC’s holdings in DraftKings were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Arthur M. Cohen & Associates LLC boosted its holdings in shares of DraftKings by 3.8% in the 4th quarter. Arthur M. Cohen & Associates LLC now owns 9,670 shares of the company’s stock worth $360,000 after acquiring an additional 355 shares in the last quarter. Empirical Asset Management LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $429,000. Cohen Investment Advisors LLC lifted its stake in shares of DraftKings by 1.5% in the 4th quarter. Cohen Investment Advisors LLC now owns 71,949 shares of the company’s stock valued at $2,677,000 after purchasing an additional 1,079 shares during the period. Sanders Morris Harris LLC bought a new position in shares of DraftKings in the 4th quarter worth $6,165,000. Finally, Steph & Co. increased its holdings in DraftKings by 40.3% in the fourth quarter. Steph & Co. now owns 4,470 shares of the company’s stock valued at $166,000 after purchasing an additional 1,285 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $39.29 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $34.60 billion, a PE ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The business’s 50 day simple moving average is $40.65 and its 200 day simple moving average is $37.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, research analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on DKNG shares. Wells Fargo & Company boosted their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Barclays increased their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. JMP Securities reduced their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday, January 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,052,183 shares of company stock valued at $41,303,025 over the last three months. 48.94% of the stock is owned by corporate insiders.

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.