Telemus Capital LLC Acquires New Position in DraftKings Inc. (NASDAQ:DKNG)

Telemus Capital LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,740 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CWM LLC increased its holdings in DraftKings by 4.3% in the third quarter. CWM LLC now owns 14,345 shares of the company’s stock valued at $422,000 after purchasing an additional 589 shares during the last quarter. DnB Asset Management AS bought a new position in shares of DraftKings during the third quarter worth $1,600,000. Arkadios Wealth Advisors boosted its position in shares of DraftKings by 6.2% during the third quarter. Arkadios Wealth Advisors now owns 8,928 shares of the company’s stock worth $263,000 after purchasing an additional 520 shares in the last quarter. Impact Partnership Wealth LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at $50,000. Finally, Newbridge Financial Services Group Inc. raised its stake in DraftKings by 227.6% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 11,105 shares of the company’s stock worth $327,000 after buying an additional 7,715 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of several research analyst reports. Susquehanna boosted their price objective on DraftKings from $51.00 to $54.00 and gave the company a “positive” rating in a research report on Monday, March 25th. Stifel Nicolaus upgraded shares of 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 report on Friday, January 19th. Oppenheimer upped their target price on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Bank Of America (Bofa) increased their target price on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Finally, Needham & Company LLC boosted their price target on DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Insider Activity

In related news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were 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 $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 1,396,101 shares of company stock valued at $58,121,509 over the last quarter. 48.94% of the stock is owned by company insiders.

DraftKings Stock Up 1.6 %

DKNG stock opened at $41.21 on Wednesday. The company’s 50-day moving average price is $43.69 and its two-hundred day moving average price is $38.22. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 12 month low of $20.26 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced 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). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company earned ($0.53) earnings per share. DraftKings’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, analysts predict that DraftKings Inc. will post -0.25 EPS for the current year.

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.