NewSquare Capital LLC Sells 500 Shares of DraftKings Inc. (NASDAQ:DKNG)

NewSquare Capital LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 33.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,000 shares of the company’s stock after selling 500 shares during the period. NewSquare Capital LLC’s holdings in DraftKings were worth $37,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in DKNG. Baillie Gifford & Co. bought a new position in DraftKings during the 4th quarter worth approximately $246,765,000. Fred Alger Management LLC boosted its position in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. FMR LLC grew its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Mizuho Securities USA LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $28,028,000. Finally, Blue Whale Capital LLP boosted its stake in DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after purchasing an additional 615,011 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. The trade was a 12.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,783,488 shares of company stock worth $118,128,867 in the last ninety days. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 5.1 %

Shares of DraftKings stock opened at $43.41 on Thursday. The firm’s 50-day moving average price is $42.00 and its two-hundred day moving average price is $39.97. The company has a market capitalization of $21.27 billion, a price-to-earnings ratio of -40.95, a PEG ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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%. On average, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Truist Financial increased their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Stifel Nicolaus lifted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Finally, BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.44.

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.