DraftKings Inc. (NASDAQ:DKNG) Stock Holdings Lifted by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 55.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,684 shares of the company’s stock after buying an additional 56,430 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in DraftKings were worth $6,019,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of DKNG. CWM LLC increased its holdings in shares of DraftKings by 10.5% in the fourth quarter. CWM LLC now owns 15,850 shares of the company’s stock valued at $559,000 after buying an additional 1,505 shares in the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of DraftKings by 24.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 43,856 shares of the company’s stock valued at $1,546,000 after buying an additional 8,491 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of DraftKings by 90.9% in the fourth quarter. Russell Investments Group Ltd. now owns 86,706 shares of the company’s stock valued at $3,056,000 after buying an additional 41,280 shares in the last quarter. Summit Financial LLC increased its holdings in shares of DraftKings by 425.6% in the fourth quarter. Summit Financial LLC now owns 49,083 shares of the company’s stock valued at $1,730,000 after buying an additional 39,745 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in DraftKings during the 4th quarter valued at $18,122,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on DKNG shares. Benchmark raised their target price on DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. UBS Group raised their price objective on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. BTIG Research upped their target price on DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a report on Monday, May 6th. Wells Fargo & Company lowered their price target on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Finally, Macquarie reissued an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.56.

Insider Activity

In other news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now owns 205,962 shares in the company, valued at $7,997,504.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,471,987 shares of company stock worth $54,373,654. Company insiders own 51.19% of the company’s stock.

DraftKings Trading Down 2.8 %

DraftKings stock opened at $34.35 on Thursday. The business has a 50 day moving average price of $36.10 and a two-hundred day moving average price of $40.20. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a market cap of $29.86 billion, a price-to-earnings ratio of -29.11 and a beta of 1.81. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) EPS. As a group, equities analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

DraftKings Profile

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.