Marino Stram & Associates LLC Has $9.19 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Marino Stram & Associates LLC trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 8.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 260,816 shares of the company’s stock after selling 24,980 shares during the period. DraftKings makes up about 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new stake in shares of DraftKings in the fourth quarter worth approximately $7,975,000. Deutsche Bank AG raised its holdings in shares of DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after buying an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new position in DraftKings during the 3rd quarter worth $209,000. Schonfeld Strategic Advisors LLC increased its holdings in DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after purchasing an additional 64,186 shares during the period. Finally, Arizona State Retirement System boosted its position in DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Price Performance

Shares of DraftKings stock traded up $1.40 on Tuesday, hitting $45.12. 6,126,229 shares of the company were exchanged, compared to its average volume of 11,793,239. The stock has a market capitalization of $39.10 billion, a price-to-earnings ratio of -25.87 and a beta of 1.86. The company has a 50-day moving average price of $43.81 and a 200 day moving average price of $37.67. DraftKings Inc. has a 1-year low of $19.10 and a 1-year high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share 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 company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted ($0.53) EPS. The firm’s revenue was up 43.9% compared to the same quarter last year. As a group, sell-side analysts predict that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the transaction, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 510,000 shares of the stock in a transaction dated Monday, January 29th. The shares were 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 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 available through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock worth $65,685,509 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on DKNG shares. JMP Securities reaffirmed a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. UBS Group raised their price objective on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Stifel Nicolaus raised DraftKings from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. BMO Capital Markets raised their price objective on DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Finally, Moffett Nathanson raised their price objective on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.93.

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.