Boothbay Fund Management LLC Acquires 50,148 Shares of DraftKings Inc. (NASDAQ:DKNG)

Boothbay Fund Management LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 276.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,299 shares of the company's stock after acquiring an additional 50,148 shares during the period. Boothbay Fund Management LLC's holdings in DraftKings were worth $2,541,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DKNG. Stonebridge Financial Group LLC bought a new stake in DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the fourth quarter worth approximately $30,000. Synergy Investment Management LLC bought a new position in shares of DraftKings in the fourth quarter worth approximately $37,000. Westpac Banking Corp bought a new position in shares of DraftKings in the fourth quarter worth approximately $44,000. Finally, YANKCOM Partnership bought a new position in shares of DraftKings in the fourth quarter worth approximately $48,000. Institutional investors own 37.70% of the company's stock.

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research note on Monday, April 7th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the company a "buy" rating in a research report on Sunday, April 13th. Cowen restated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Finally, Benchmark increased their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $54.48.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the sale, the insider now owns 601,520 shares in the company, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,302 shares of company stock worth $111,145,088 over the last ninety days. Company insiders own 51.19% of the company's stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.03 during mid-day trading on Thursday, reaching $33.26. The stock had a trading volume of 8,301,282 shares, compared to its average volume of 9,795,233. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market cap of $29.37 billion, a P/E ratio of -31.38, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The business's 50 day moving average price is $36.64 and its 200 day moving average price is $39.42.

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

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.