Grassi Investment Management Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Grassi Investment Management increased its position in DraftKings Inc. (NASDAQ:DKNG) by 16.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,500 shares of the company’s stock after purchasing an additional 4,150 shares during the quarter. Grassi Investment Management’s holdings in DraftKings were worth $1,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Diversified Trust Co raised its stake in DraftKings by 16.7% during the fourth quarter. Diversified Trust Co now owns 61,607 shares of the company’s stock valued at $2,292,000 after buying an additional 8,802 shares during the last quarter. Principal Financial Group Inc. raised its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in DraftKings during the third quarter valued at $1,191,000. Wilmington Savings Fund Society FSB purchased a new position in DraftKings during the third quarter valued at $304,000. Finally, Pine Valley Investments Ltd Liability Co raised its stake in DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on DKNG shares. Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Mizuho boosted their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. JMP Securities decreased their price target on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday, January 6th. Finally, Wells Fargo & Company lifted their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.08.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares in the company, valued at approximately $52,366,158. This represents a 12.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,052,183 shares of company stock worth $41,303,025. Corporate insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of DraftKings stock traded up $0.32 during trading hours on Monday, hitting $39.81. The company’s stock had a trading volume of 4,478,612 shares, compared to its average volume of 8,330,330. The business has a 50 day moving average price of $40.49 and a two-hundred day moving average price of $37.90. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a market cap of $35.06 billion, a PE ratio of -45.24 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.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current fiscal 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.