Pittenger & Anderson Inc. Acquires New Shares in DraftKings Inc. (NASDAQ:DKNG)

Pittenger & Anderson Inc. purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 5,700 shares of the company’s stock, valued at approximately $201,000.

Several other large investors also recently modified their holdings of DKNG. International Assets Investment Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth about $7,975,000. Deutsche Bank AG boosted its position in shares of DraftKings by 169.1% during 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 acquired a new position in shares of DraftKings during the third quarter worth about $209,000. Schonfeld Strategic Advisors LLC boosted its position in DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after purchasing an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in DraftKings by 1.1% during the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after purchasing an additional 1,237 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 510,000 shares of DraftKings 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 transaction, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Paul Liberman sold 510,000 shares of DraftKings stock in a transaction dated Monday, January 29th. The stock was 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 directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the transaction, the insider now directly owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,596,101 shares of company stock valued at $66,303,509. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG traded up $0.24 during mid-day trading on Thursday, hitting $41.09. 7,665,008 shares of the stock traded hands, compared to its average volume of 11,639,076. DraftKings Inc. has a twelve month low of $20.26 and a twelve month high of $49.57. The firm has a 50 day simple moving average of $43.63 and a two-hundred day simple moving average of $38.24. 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 (NASDAQ:DKNG) last announced its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) earnings per share. Research analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on DKNG. Barclays increased their price target on DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Mizuho began coverage on DraftKings in a research report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price objective for the company. Piper Sandler raised their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. BMO Capital Markets raised their price objective on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Finally, Benchmark reaffirmed a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Wednesday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $47.31.

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.