SVB Wealth LLC Acquires New Stake in DraftKings Inc. (NASDAQ:DKNG)

SVB Wealth LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 117,512 shares of the company’s stock, valued at approximately $4,371,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the fourth quarter valued at $30,000. Delos Wealth Advisors LLC bought a new stake in DraftKings during the third quarter valued at about $43,000. Creative Financial Designs Inc. ADV increased its position in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. Finally, YANKCOM Partnership bought a new position in shares of DraftKings in the fourth quarter worth about $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,573,488 shares of company stock valued at $109,600,767 over the last three months. 51.19% of the stock is owned by company insiders.

DraftKings Trading Up 2.6 %

DKNG opened at $43.86 on Friday. The stock has a 50-day moving average of $41.78 and a 200 day moving average of $39.79. 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 firm has a market cap of $21.49 billion, a P/E ratio of -41.38, a P/E/G ratio of 1.43 and a beta of 1.93.

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

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. BTIG Research set a $59.00 price objective on shares of DraftKings in a research report on Monday, February 3rd. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Barclays increased their price target on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.44.

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.