Summit Financial LLC Has $1.73 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Summit Financial LLC lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 425.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 49,083 shares of the company’s stock after buying an additional 39,745 shares during the quarter. Summit Financial LLC’s holdings in DraftKings were worth $1,730,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of DKNG. Asset Management One Co. Ltd. acquired a new position in shares of DraftKings in the third quarter valued at $4,502,000. Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new position in shares of DraftKings in the third quarter valued at approximately $3,147,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of DraftKings by 8.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company’s stock worth $2,624,000 after purchasing an additional 6,965 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in DraftKings by 178.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company’s stock valued at $1,414,000 after purchasing an additional 30,802 shares during the period. Finally, Xponance Inc. grew its holdings in DraftKings by 1.1% in the 3rd quarter. Xponance Inc. now owns 59,403 shares of the company’s stock valued at $1,749,000 after buying an additional 670 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DKNG traded down $0.11 during mid-day trading on Thursday, reaching $41.71. 1,571,241 shares of the stock traded hands, compared to its average volume of 11,372,887. DraftKings Inc. has a 1 year low of $21.07 and a 1 year high of $49.57. The firm has a fifty day moving average price of $43.53 and a 200 day moving average price of $38.67. 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 the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 43.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.53) earnings per share. Equities analysts expect that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, 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 SEC, which is accessible through this link. In related news, 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 sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 686,101 shares of the firm’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 completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold a total of 1,086,101 shares of company stock valued at $45,903,509 over the last quarter. 51.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DKNG shares. UBS Group raised their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Needham & Company LLC boosted their price target on DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. Piper Sandler boosted their target price on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Stifel Nicolaus raised DraftKings from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $45.00 in a research note on Friday, January 19th. Finally, Susquehanna lifted their price target on shares of DraftKings from $54.00 to $56.00 and gave the company a “positive” rating in a report on Monday. 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.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $47.38.

DraftKings Company 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.