Cantor Fitzgerald L. P. Invests $1.30 Million in DraftKings Inc. $DKNG

Cantor Fitzgerald L. P. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 34,850 shares of the company’s stock, valued at approximately $1,303,000.

Other large investors have also added to or reduced their stakes in the company. Ariadne Wealth Management LP boosted its position in DraftKings by 32.6% during the 3rd quarter. Ariadne Wealth Management LP now owns 8,508 shares of the company’s stock worth $318,000 after buying an additional 2,091 shares during the period. Centaurus Financial Inc. increased its position in DraftKings by 4.1% in the 3rd quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after acquiring an additional 410 shares during the period. Asset Dedication LLC bought a new position in shares of DraftKings during the third quarter valued at $37,000. Caerus Investment Advisors LLC bought a new position in shares of DraftKings during the third quarter valued at $697,000. Finally, Captrust Financial Advisors lifted its holdings in shares of DraftKings by 33.8% during the third quarter. Captrust Financial Advisors now owns 87,072 shares of the company’s stock worth $3,257,000 after purchasing an additional 21,973 shares during the period. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DKNG shares. Needham & Company LLC restated a “buy” rating and issued a $35.00 price objective on shares of DraftKings in a report on Tuesday, March 3rd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $30.00 target price on shares of DraftKings in a report on Thursday, March 5th. Berenberg Bank set a $26.40 price target on DraftKings in a research report on Tuesday, February 24th. Jefferies Financial Group set a $46.00 price target on DraftKings in a research note on Tuesday, March 3rd. Finally, Stifel Nicolaus lowered their price objective on DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $37.09.

Insider Activity

In other news, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Erik Bradbury sold 2,883 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total value of $70,806.48. Following the completion of the transaction, the chief accounting officer directly owned 38,168 shares in the company, valued at $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 549,495 shares of company stock worth $14,166,700. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $25.28 on Thursday. The company has a market capitalization of $12.46 billion, a PE ratio of -632.00, a P/E/G ratio of 1.04 and a beta of 1.67. 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 twelve month low of $21.01 and a twelve month high of $48.78. The firm has a fifty day simple moving average of $27.28 and a 200 day simple moving average of $32.77.

DraftKings 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.