Mach 1 Financial Group LLC Takes $842,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Mach 1 Financial Group LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 23,892 shares of the company’s stock, valued at approximately $842,000.

Several other large investors also recently modified their holdings of DKNG. Asset Management One Co. Ltd. bought a new stake in shares of DraftKings in the 3rd quarter valued at approximately $4,502,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in shares of DraftKings in the 3rd quarter valued at approximately $3,147,000. Deltec Asset Management LLC boosted its holdings in shares of DraftKings by 355.7% in the 3rd quarter. Deltec Asset Management LLC now owns 139,000 shares of the company’s stock worth $4,092,000 after acquiring an additional 108,500 shares in the last quarter. SVB Wealth LLC boosted its holdings in shares of DraftKings by 2.1% in the 3rd quarter. SVB Wealth LLC now owns 117,471 shares of the company’s stock worth $3,458,000 after acquiring an additional 2,428 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of DraftKings by 8.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock worth $2,624,000 after acquiring an additional 6,965 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The disclosure for this sale can be found here. Insiders sold a total of 1,086,101 shares of company stock worth $45,903,509 in the last three months. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on DKNG shares. Barclays boosted their target price on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. BNP Paribas downgraded DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 target price on the stock. in a report on Friday, January 19th. Oppenheimer upped their price objective on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Wells Fargo & Company upped their price objective on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Finally, Piper Sandler upped their price objective on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Two investment 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 data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $47.38.

DraftKings Stock Down 2.9 %

DKNG stock traded down $1.22 during trading hours on Tuesday, reaching $41.56. 6,761,433 shares of the stock were exchanged, compared to its average volume of 11,522,001. The firm’s 50-day moving average is $43.51 and its 200-day moving average is $38.65. The company has a market cap of $36.02 billion, a price-to-earnings ratio of -23.75 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 12 month low of $21.07 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company earned ($0.53) earnings per share. The company’s quarterly revenue was up 43.9% on a year-over-year basis. On average, equities research analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

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.