Sfmg LLC Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Sfmg LLC lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 8.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,414 shares of the company’s stock after selling 726 shares during the period. Sfmg LLC’s holdings in DraftKings were worth $283,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Transcendent Capital Group LLC purchased a new position in DraftKings in the fourth quarter worth about $26,000. LRI Investments LLC purchased a new position in DraftKings in the 1st quarter worth approximately $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings in the 1st quarter worth approximately $33,000. Concord Wealth Partners lifted its position in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd purchased a new stake in DraftKings during the 2nd quarter valued at $38,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of research analyst reports. Guggenheim lowered their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Susquehanna upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research note on Wednesday, September 4th. Truist Financial reiterated a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. BMO Capital Markets lowered their price objective on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Monday. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders have sold a total of 551,647 shares of company stock worth $18,811,071 over the last quarter. Insiders own 51.19% of the company’s stock.

DraftKings Trading Up 5.0 %

Shares of DraftKings stock opened at $41.10 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a fifty day moving average of $35.41 and a 200 day moving average of $39.38. The company has a market capitalization of $36.11 billion, a P/E ratio of -34.83 and a beta of 1.80. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. On average, sell-side analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal 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.