Dynamic Advisor Solutions LLC Has $947,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Dynamic Advisor Solutions LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,456 shares of the company’s stock after purchasing an additional 392 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in DraftKings were worth $947,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in DKNG. Delos Wealth Advisors LLC acquired a new position in DraftKings in the third quarter valued at about $43,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Eastern Bank acquired a new stake in DraftKings during the 3rd quarter worth approximately $59,000. Finally, Quarry LP bought a new position in DraftKings in the second quarter valued at approximately $87,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred 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 directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock worth $38,082,888 in the last 90 days. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $41.34 on Monday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a market capitalization of $36.41 billion, a price-to-earnings ratio of -46.98, a PEG ratio of 3.07 and a beta of 1.90. The company has a 50-day simple moving average of $40.59 and a 200 day simple moving average of $38.10. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, sell-side analysts predict that DraftKings Inc. will post -0.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DKNG. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Mizuho increased their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. TD Cowen boosted their target price on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. 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 equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

DraftKings 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.