Pittenger & Anderson Inc. Takes $201,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Pittenger & Anderson Inc. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 5,700 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also made changes to their positions in DKNG. Highlander Capital Management LLC raised its position in shares of DraftKings by 180.0% during the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after acquiring an additional 450 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $37,000. Householder Group Estate & Retirement Specialist LLC raised its position in shares of DraftKings by 154.2% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after acquiring an additional 737 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth about $45,000. Finally, CI Investments Inc. raised its position in shares of DraftKings by 55.9% during the 3rd quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock worth $49,000 after acquiring an additional 599 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 510,000 shares of the stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the transaction, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other DraftKings news, insider Paul Liberman sold 510,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,596,101 shares of company stock valued at $66,303,509. Insiders own 51.19% of the company’s stock.

DraftKings Stock Up 0.6 %

NASDAQ:DKNG traded up $0.24 on Thursday, hitting $41.09. 7,665,008 shares of the stock were exchanged, compared to its average volume of 11,639,076. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a fifty day moving average of $43.63 and a 200-day moving average of $38.24. DraftKings Inc. has a fifty-two week low of $20.26 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the company earned ($0.53) EPS. DraftKings’s quarterly revenue was up 43.9% on a year-over-year basis. As a group, equities analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on DKNG. JMP Securities reaffirmed a “market outperform” rating and set a $52.00 price target on shares of DraftKings in a research report on Monday, March 25th. Truist Financial reiterated a “buy” rating and issued a $55.00 target price (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Piper Sandler lifted their target price on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. UBS Group lifted their target price on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.31.

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.