By otakuyassine3@gmail.com 
M&T Bank Corp boosted its position in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 1.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 39,970 shares of the company’s stock after purchasing an additional 710 shares during the period. M&T Bank Corp’s holdings in DraftKings were worth $1,487,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new position in shares of DraftKings during the 4th quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the 4th quarter valued at approximately $30,000. Synergy Investment Management LLC bought a new position in shares of DraftKings during the 4th quarter valued at approximately $37,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $43,000. Finally, YANKCOM Partnership bought a new position in shares of DraftKings during the 4th quarter valued at approximately $48,000. 37.70% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research analysts have recently weighed in on DKNG shares. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Stifel Nicolaus raised their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company raised their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.
Read Our Latest Report on DKNG
Insider Buying and Selling
In related news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock worth $108,506,588 in the last 90 days. 51.19% of the stock is owned by company insiders.
DraftKings Stock Performance
DraftKings stock opened at $37.24 on Tuesday. The firm’s fifty day moving average price is $42.06 and its 200-day moving average price is $40.08. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The stock has a market cap of $18.25 billion, a P/E ratio of -35.13, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.
DraftKings (NASDAQ:DKNG – Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts expect that DraftKings Inc. will post 0.64 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.
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