Mirabella Financial Services LLP Acquires 97,467 Shares of DraftKings Inc. $DKNG

Mirabella Financial Services LLP increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 72.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 231,740 shares of the company’s stock after purchasing an additional 97,467 shares during the period. DraftKings makes up 0.7% of Mirabella Financial Services LLP’s portfolio, making the stock its 24th biggest position. Mirabella Financial Services LLP’s holdings in DraftKings were worth $8,667,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. grew its stake in shares of DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after purchasing an additional 405 shares during the period. Root Financial Partners LLC bought a new position in shares of DraftKings during the 3rd quarter worth approximately $33,000. Asset Dedication LLC acquired a new stake in DraftKings in the 3rd quarter valued at $37,000. AlphaQuest LLC acquired a new stake in DraftKings in the 3rd quarter valued at $41,000. Finally, TD Private Client Wealth LLC grew its position in DraftKings by 45.6% in the third quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock valued at $44,000 after acquiring an additional 365 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $16,005,000. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 2,150 shares of DraftKings stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.60, for a total transaction of $55,040.00. Following the transaction, the director directly owned 1,406 shares in the company, valued at approximately $35,993.60. This represents a 60.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 549,495 shares of company stock valued at $14,166,700 over the last three months. 51.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citizens Jmp reiterated a “market outperform” rating and set a $38.00 price objective on shares of DraftKings in a research note on Tuesday, March 3rd. Citigroup restated a “market outperform” rating on shares of DraftKings in a research note on Tuesday, February 24th. Texas Capital upgraded shares of DraftKings to a “hold” rating in a research report on Thursday, January 8th. Sanford C. Bernstein reissued an “outperform” rating and set a $30.00 price target on shares of DraftKings in a report on Thursday, March 5th. Finally, Oppenheimer reduced their price target on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 17th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.09.

DraftKings Trading Up 0.2%

Shares of DKNG opened at $25.28 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings Inc. has a 12-month low of $21.01 and a 12-month high of $48.78. The firm has a market capitalization of $12.46 billion, a PE ratio of -632.00, a price-to-earnings-growth ratio of 1.04 and a beta of 1.67. The stock’s fifty day simple moving average is $27.28 and its 200-day simple moving average is $32.77.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.