DraftKings Inc. (NASDAQ:DKNG) Stock Holdings Reduced by Marino Stram & Associates LLC

Marino Stram & Associates LLC lowered its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 260,816 shares of the company's stock after selling 24,980 shares during the quarter. DraftKings makes up approximately 2.4% of Marino Stram & Associates LLC's portfolio, making the stock its 9th biggest position. Marino Stram & Associates LLC's holdings in DraftKings were worth $9,194,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. SVB Wealth LLC increased its holdings in shares of DraftKings by 3.7% in the fourth quarter. SVB Wealth LLC now owns 121,778 shares of the company's stock valued at $4,293,000 after purchasing an additional 4,307 shares during the period. Mackenzie Financial Corp acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $753,000. Vontobel Holding Ltd. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $279,000. Saxony Capital Management LLC acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $206,000. Finally, Baystate Wealth Management LLC increased its holdings in shares of DraftKings by 17.9% in the fourth quarter. Baystate Wealth Management LLC now owns 3,047 shares of the company's stock valued at $107,000 after purchasing an additional 463 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Bank Of America (Bofa) boosted their target price on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Oppenheimer boosted their target price on DraftKings from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Tuesday, February 20th. Mizuho started coverage on DraftKings in a report on Tuesday, March 26th. They set a "buy" rating and a $58.00 price objective on the stock. Truist Financial reaffirmed a "buy" rating and set a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $52.00 price objective on shares of DraftKings in a report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $46.93.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded up $1.22 on Tuesday, hitting $44.94. The company had a trading volume of 10,563,044 shares, compared to its average volume of 11,856,720. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a 52-week low of $19.10 and a 52-week high of $49.57. The business has a 50 day moving average of $43.81 and a 200 day moving average of $37.67. The company has a market cap of $38.95 billion, a PE ratio of -25.87 and a beta of 1.86.

DraftKings (NASDAQ:DKNG - Get Free Report) last released 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 business had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the company posted ($0.53) earnings per share. The business's quarterly revenue was up 43.9% compared to the same quarter last year. As a group, equities analysts anticipate that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Paul Liberman sold 510,000 shares of the company's stock in a transaction dated 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 completion of the sale, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,596,101 shares of company stock worth $65,685,509. 51.19% of the stock is owned by company insiders.

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.