Balanced Wealth Group LLC Invests $261,000 in DraftKings Inc. $DKNG

Balanced Wealth Group LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,802 shares of the company’s stock, valued at approximately $261,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. TD Private Client Wealth LLC increased its holdings in shares of DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the last quarter. Bank of Jackson Hole Trust purchased a new stake in DraftKings during the first quarter worth approximately $31,000. Summit Securities Group LLC lifted its stake in DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in DraftKings in the second quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC purchased a new position in DraftKings in the second quarter valued at approximately $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DKNG stock opened at $33.15 on Friday. The stock’s 50-day moving average price is $33.40 and its 200 day moving average price is $39.00. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $16.50 billion, a PE ratio of -58.16, a price-to-earnings-growth ratio of 2.67 and a beta of 1.86. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The firm’s revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.60) earnings per share. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DKNG. JMP Securities reduced their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Oppenheimer dropped their target price on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Susquehanna reduced their price target on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a research report on Monday, November 10th. Stifel Nicolaus restated a “buy” rating and issued a $46.00 price objective (down previously from $50.00) on shares of DraftKings in a research note on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Twenty-five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.38.

Insider Activity

In other news, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at approximately $302,700. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the transaction, the insider owned 512,181 shares of the company’s stock, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 219,529 shares of company stock valued at $8,601,273. Corporate insiders own 51.19% of the company’s stock.

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.