Inceptionr LLC Makes New Investment in DraftKings Inc. $DKNG

Inceptionr LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 21,236 shares of the company’s stock, valued at approximately $794,000.

Other hedge funds have also recently modified their holdings of the company. Ameriflex Group Inc. increased its position in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of DraftKings in the 3rd quarter valued at approximately $33,000. Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings in the 2nd quarter valued at approximately $45,000. AlphaQuest LLC acquired a new stake in shares of DraftKings during the 3rd quarter worth approximately $41,000. Finally, Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings during the 2nd quarter valued at approximately $47,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of recent analyst reports. Wells Fargo & Company reiterated an “overweight” rating on shares of DraftKings in a report on Tuesday, March 3rd. Truist Financial decreased their price target on DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Jefferies Financial Group set a $46.00 price target on DraftKings in a report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft set a $26.00 price objective on DraftKings in a research report on Tuesday, February 17th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $30.00 price objective on shares of DraftKings in a report on Thursday. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.19.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total value of $1,689,391.77. Following the sale, the insider owned 500,000 shares of the company’s stock, valued at $16,005,000. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry Sloan acquired 100,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was bought at an average price of $21.85 per share, with a total value of $2,185,000.00. Following the purchase, the director directly owned 350,219 shares in the company, valued at approximately $7,652,285.15. This trade represents a 39.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 62,928 shares of company stock valued at $1,923,728 in the last three months. 47.08% of the stock is owned by corporate insiders.

DraftKings Price Performance

DraftKings stock opened at $25.16 on Tuesday. 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 52-week low of $21.01 and a 52-week high of $48.78. The firm has a market cap of $12.40 billion, a PE ratio of -629.00, a price-to-earnings-growth ratio of 1.03 and a beta of 1.67. The company’s 50 day moving average is $28.63 and its two-hundred day moving average is $33.77.

About DraftKings

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.