Cantor Fitzgerald L. P. Buys New Position in DraftKings Inc. $DKNG

Cantor Fitzgerald L. P. bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 3rd quarter, HoldingsChannel reports. The firm bought 34,850 shares of the company’s stock, valued at approximately $1,303,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IHT Wealth Management LLC increased its holdings in shares of DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after buying an additional 248 shares during the last quarter. Orion Porfolio Solutions LLC grew its position in DraftKings by 3.1% in the third quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after acquiring an additional 321 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in DraftKings by 7.3% in the third quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock valued at $179,000 after acquiring an additional 328 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in DraftKings by 3.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock valued at $429,000 after acquiring an additional 348 shares during the last quarter. Finally, Huntleigh Advisors Inc. raised its position in DraftKings by 0.8% during the third quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock valued at $1,632,000 after purchasing an additional 363 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 1.2%

Shares of NASDAQ:DKNG opened at $25.87 on Friday. The stock’s 50-day moving average price is $27.88 and its 200-day moving average price is $33.25. DraftKings Inc. has a 12-month low of $21.01 and a 12-month high of $48.78. The stock has a market capitalization of $12.75 billion, a P/E ratio of -646.75, a price-to-earnings-growth ratio of 1.06 and a beta of 1.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91.

Insider Buying and Selling

In related news, insider Paul Liberman sold 484,417 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares in the company, valued at $5,374,100.52. This represents a 69.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Erik Bradbury sold 2,883 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total value of $70,806.48. Following the transaction, the chief accounting officer owned 38,168 shares in the company, valued at approximately $937,406.08. The trade was a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 547,345 shares of company stock worth $14,111,660. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on DKNG shares. Susquehanna set a $33.00 price target on DraftKings in a research note on Tuesday, February 17th. BMO Capital Markets raised their price objective on DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, March 3rd. Berenberg Bank set a $26.40 target price on DraftKings in a research report on Tuesday, February 24th. UBS Group reaffirmed a “buy” rating on shares of DraftKings in a research note on Wednesday, January 7th. Finally, Benchmark reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.19.

DraftKings Company 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.