DraftKings Inc. $DKNG Shares Bought by Allworth Financial LP

Allworth Financial LP lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 132.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,881 shares of the company’s stock after buying an additional 5,067 shares during the period. Allworth Financial LP’s holdings in DraftKings were worth $381,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in DKNG. Bank of Jackson Hole Trust acquired a new stake in DraftKings during the 1st quarter worth approximately $31,000. TD Private Client Wealth LLC lifted its holdings in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Summit Securities Group LLC grew its position in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in DraftKings in the 2nd quarter valued at $45,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of DraftKings in the 2nd quarter worth $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, Director Harry Sloan acquired 25,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average price of $30.30 per share, with a total value of $757,500.00. Following the completion of the purchase, the director owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This represents a 11.13% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director directly owned 402 shares of the company’s stock, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 340,612 shares of company stock worth $14,115,817 in the last 90 days. 47.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of analyst reports. UBS Group lowered their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. Mizuho dropped their price objective on DraftKings from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday. BTIG Research cut their price objective on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Zacks Research cut shares of DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Finally, Sanford C. Bernstein cut their price target on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Twenty-six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $48.38.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $29.58 on Monday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The business’s fifty day moving average price is $36.16 and its two-hundred day moving average price is $39.37. The stock has a market cap of $14.72 billion, a PE ratio of -51.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The firm’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.60) earnings per share. On average, analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings Company 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.