Foundations Investment Advisors LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Foundations Investment Advisors LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 30.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,741 shares of the company’s stock after purchasing an additional 12,074 shares during the period. Foundations Investment Advisors LLC’s holdings in DraftKings were worth $1,925,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Delos Wealth Advisors LLC bought a new stake in DraftKings during the 3rd quarter valued at $43,000. V Square Quantitative Management LLC bought a new stake in DraftKings during the third quarter valued at about $46,000. Creative Financial Designs Inc. ADV grew its stake in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Eastern Bank bought a new position in DraftKings in the third quarter worth about $59,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of DraftKings during the fourth quarter valued at about $58,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. JMP Securities decreased their price objective on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, January 6th. BMO Capital Markets restated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. JPMorgan Chase & Co. increased their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Benchmark restated a “buy” rating and set a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $51.08.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the company’s 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 owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 963,742 shares of company stock valued at $38,082,888. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $42.00 on Wednesday. The company has a market capitalization of $36.99 billion, a PE ratio of -47.73, a price-to-earnings-growth ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day moving average price is $40.56 and its 200 day moving average price is $38.14. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, research analysts predict that DraftKings Inc. will post -0.9 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.