Virtu Financial LLC Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

Virtu Financial LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 37,247 shares of the company’s stock, valued at approximately $1,386,000.

A number of other institutional investors have also recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co lifted its stake in DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the last quarter. Claro Advisors LLC lifted its stake in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP lifted its stake in DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares during the last quarter. Westside Investment Management Inc. lifted its stake in DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares during the last quarter. Finally, Nvwm LLC lifted its stake in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after purchasing an additional 312 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,663,966 shares of company stock valued at $112,550,362 over the last ninety days. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Performance

Shares of DKNG stock opened at $39.49 on Monday. The company has a market cap of $19.35 billion, a PE ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The business’s fifty day simple moving average is $42.17 and its 200-day simple moving average is $40.31.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DKNG. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company raised their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Stifel Nicolaus raised their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, Truist Financial raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

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.