DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Marino Stram & Associates LLC

Marino Stram & Associates LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 260,816 shares of the company’s stock after selling 24,980 shares during the quarter. DraftKings accounts for about 2.4% of Marino Stram & Associates LLC’s investment portfolio, making the stock its 9th biggest holding. Marino Stram & Associates LLC’s holdings in DraftKings were worth $9,194,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DKNG. Whale Rock Capital Management LLC acquired a new position in DraftKings during the second quarter valued at approximately $215,687,000. Two Sigma Investments LP bought a new position in DraftKings in the first quarter valued at approximately $102,351,000. Massachusetts Financial Services Co. MA bought a new position in DraftKings in the third quarter valued at approximately $107,276,000. Ameriprise Financial Inc. lifted its position in shares of DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of DraftKings in the third quarter worth $91,790,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The disclosure for this sale can be found here. Insiders have sold 1,596,101 shares of company stock worth $65,685,509 in the last ninety days. Company insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research reports. Susquehanna boosted their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday, March 25th. BMO Capital Markets upped their price target on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Bank Of America (Bofa) upped their price target on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and upped their price target for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Finally, Oppenheimer upped their price target on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.93.

DraftKings Stock Up 3.2 %

NASDAQ:DKNG traded up $1.40 during trading hours on Tuesday, hitting $45.12. 6,126,229 shares of the company traded hands, compared to its average volume of 11,793,239. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm’s 50-day simple moving average is $43.81 and its 200-day simple moving average is $37.67. DraftKings Inc. has a one year low of $19.10 and a one year high of $49.57. The company has a market cap of $39.10 billion, a PE ratio of -25.87 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The business had revenue of $1.23 billion for 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 company’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.53) earnings per share. Equities analysts predict that DraftKings Inc. will post -0.25 earnings per share for the current year.

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.