Spruce House Investment Management LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 300,000 shares of the company's stock, valued at approximately $11,160,000. DraftKings makes up 0.4% of Spruce House Investment Management LLC's investment portfolio, making the stock its 11th biggest holding. Spruce House Investment Management LLC owned 0.06% of DraftKings at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new stake in DraftKings during the 4th quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings during the 4th quarter valued at about $28,000. Stonebridge Financial Group LLC purchased a new stake in DraftKings during the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new position in DraftKings during the 4th quarter valued at approximately $30,000. Finally, Synergy Investment Management LLC bought a new position in DraftKings during the 4th quarter valued at approximately $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.
DraftKings Stock Up 0.8%
DKNG stock traded up $0.30 on Monday, reaching $37.20. 7,110,097 shares of the company traded hands, compared to its average volume of 9,902,434. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a market cap of $33.08 billion, a P/E ratio of -35.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The firm has a fifty day simple moving average of $35.25 and a 200-day simple moving average of $39.34.
DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.
Insider Buying and Selling at DraftKings
In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction 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 represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,697,908 shares of company stock worth $112,137,019. Insiders own 51.19% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on DKNG shares. Cfra Research raised DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $65.00 price target on shares of DraftKings in a research report on Friday, May 9th. JMP Securities set a $57.00 price target on DraftKings in a research report on Wednesday, April 2nd. Argus set a $60.00 price target on DraftKings in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $55.04.
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About DraftKings
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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.
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