Patriot Financial Group Insurance Agency LLC Reduces Position in DraftKings Inc. (NASDAQ:DKNG)

Patriot Financial Group Insurance Agency LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 9.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 7,138 shares of the company’s stock after selling 740 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in DraftKings were worth $266,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the period. Claro Advisors LLC boosted its holdings in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after acquiring an additional 273 shares during the period. Westside Investment Management Inc. raised its holdings 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, Creative Financial Designs Inc. ADV lifted its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. Finally, Susquehanna cut 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-three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

DraftKings Stock Performance

NASDAQ:DKNG opened at $41.90 on Thursday. The business’s fifty day moving average price is $40.54 and its 200 day moving average price is $38.17. The firm has a market capitalization of $36.90 billion, a PE ratio of -47.61, a price-to-earnings-growth ratio of 3.07 and a beta of 1.90. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

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

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares in the company, valued at approximately $52,366,158. This represents a 12.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 963,742 shares of company stock worth $38,082,888. Corporate insiders own 51.19% of the company’s stock.

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.