Parallel Advisors LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Parallel Advisors LLC lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 13.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,605 shares of the company’s stock after buying an additional 6,186 shares during the quarter. Parallel Advisors LLC’s holdings in DraftKings were worth $1,994,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after buying an additional 29,991 shares during the period. Atria Investments Inc purchased a new stake in shares of DraftKings during the 3rd quarter worth approximately $215,000. Oppenheimer Asset Management Inc. grew its holdings in shares of DraftKings by 79.1% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock worth $1,041,000 after acquiring an additional 11,734 shares during the period. KBC Group NV increased its stake in DraftKings by 8.3% in the 3rd quarter. KBC Group NV now owns 30,084 shares of the company’s stock valued at $1,179,000 after purchasing an additional 2,318 shares in the last quarter. Finally, Metis Global Partners LLC acquired a new position in DraftKings during the third quarter worth $213,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,663,966 shares of company stock worth $112,550,362 over the last 90 days. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Down 4.7 %

Shares of DraftKings stock opened at $36.91 on Wednesday. The company has a fifty day moving average price of $42.16 and a 200 day moving average price of $40.21. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market cap of $18.08 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group raised their price target on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Barclays lifted their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Morgan Stanley increased their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Stifel Nicolaus boosted their price target on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.44.

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.