CIBC Private Wealth Group LLC Buys 210,996 Shares of DraftKings Inc. (NASDAQ:DKNG)

CIBC Private Wealth Group LLC grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 985,926 shares of the company’s stock after purchasing an additional 210,996 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.20% of DraftKings worth $37,810,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new stake in DraftKings during the 4th quarter valued at $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the fourth quarter valued at about $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $37,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the third quarter worth about $43,000. Finally, YANKCOM Partnership purchased a new position in DraftKings during the 4th quarter valued at about $48,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on DKNG shares. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price target on DraftKings in a research note on Tuesday, February 18th. Argus set a $60.00 price objective on shares of DraftKings in a research report on Tuesday, February 18th. Stifel Nicolaus upped their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Truist Financial lifted their target price on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $54.42.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares of the company’s stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Down 4.7 %

NASDAQ:DKNG opened at $35.29 on Monday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $17.64 billion, a P/E ratio of -33.29, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a 50-day simple moving average of $42.01 and a two-hundred day simple moving average of $40.36.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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 predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.