Ieq Capital LLC Has $9.19 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Ieq Capital LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 198.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 260,653 shares of the company's stock after buying an additional 173,217 shares during the period. Ieq Capital LLC's holdings in DraftKings were worth $9,188,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its holdings in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company's stock worth $153,000 after acquiring an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC lifted its holdings in DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company's stock valued at $285,000 after purchasing an additional 341 shares in the last quarter. Signaturefd LLC lifted its holdings in DraftKings by 7.6% in the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company's stock valued at $158,000 after purchasing an additional 379 shares in the last quarter. Stratos Wealth Advisors LLC boosted its stake in shares of DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company's stock worth $363,000 after purchasing an additional 381 shares during the last quarter. Finally, Gables Capital Management Inc. grew its holdings in shares of DraftKings by 2.2% during the third quarter. Gables Capital Management Inc. now owns 18,330 shares of the company's stock worth $540,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Stock Down 1.7 %

NASDAQ:DKNG traded down $0.76 on Friday, reaching $43.27. The stock had a trading volume of 6,904,151 shares, compared to its average volume of 10,214,857. DraftKings Inc. has a 12-month low of $22.65 and a 12-month high of $49.57. The company has a 50-day moving average of $43.71 and a 200 day moving average of $39.38. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a market cap of $37.61 billion, a P/E ratio of -36.67 and a beta of 1.87.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm's quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.87) EPS. On average, research analysts predict that DraftKings Inc. will post -0.19 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now owns 3,195,812 shares of the company's stock, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders have sold 600,000 shares of company stock valued at $24,894,000. Insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

DKNG has been the topic of several recent analyst reports. Jefferies Financial Group upped their price objective on shares of DraftKings from $52.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, May 6th. The Goldman Sachs Group assumed coverage on DraftKings in a report on Tuesday, April 16th. They set a "buy" rating and a $60.00 price objective on the stock. Mizuho began coverage on DraftKings in a report on Tuesday, March 26th. They issued a "buy" rating and a $58.00 price target for the company. BTIG Research increased their price objective on shares of DraftKings from $53.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, May 6th. Finally, Piper Sandler raised their target price on shares of DraftKings from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.07.

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.