Cerity Partners LLC Has $698,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Cerity Partners LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 9.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 19,809 shares of the company’s stock after purchasing an additional 1,702 shares during the period. Cerity Partners LLC’s holdings in DraftKings were worth $698,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of DKNG. Massachusetts Financial Services Co. MA bought a new position in shares of DraftKings during the 3rd quarter worth approximately $107,276,000. Ameriprise Financial Inc. boosted its position in DraftKings by 345.7% during 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 during the period. Lord Abbett & CO. LLC acquired a new position in shares of DraftKings in the third quarter valued at $91,790,000. Jericho Capital Asset Management L.P. raised its position in shares of DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of DraftKings by 3,039.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,444,622 shares of the company’s stock worth $42,530,000 after buying an additional 1,398,603 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on DKNG. The Goldman Sachs Group began coverage on shares of DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price target on the stock. Oppenheimer lifted their price target on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Wells Fargo & Company increased their price objective on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Susquehanna boosted their target price on shares of DraftKings from $51.00 to $54.00 and gave the company a “positive” rating in a research report on Monday, March 25th. Finally, Needham & Company LLC raised their price target on shares of DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $41.21 on Wednesday. DraftKings Inc. has a one year low of $20.26 and a one year high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market cap of $35.71 billion, a price-to-earnings ratio of -23.55 and a beta of 1.86. The firm has a 50 day simple moving average of $43.69 and a 200 day simple moving average of $38.22.

DraftKings (NASDAQ:DKNG) last announced its quarterly 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). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company posted ($0.53) earnings per share. The firm’s revenue was up 43.9% on a year-over-year basis. Research analysts predict that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was 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 approximately $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders sold a total of 1,396,101 shares of company stock worth $58,121,509 in the last quarter. 48.94% of the stock is owned by insiders.

DraftKings 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.