DraftKings Inc. $DKNG Shares Sold by Baird Financial Group Inc.

Baird Financial Group Inc. cut its position in DraftKings Inc. (NASDAQ:DKNG) by 2.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,375,607 shares of the company’s stock after selling 36,954 shares during the quarter. Baird Financial Group Inc. owned 0.15% of DraftKings worth $59,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in DKNG. EverSource Wealth Advisors LLC lifted its holdings in DraftKings by 503.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 10,764 shares of the company’s stock worth $462,000 after buying an additional 8,980 shares in the last quarter. Kilter Group LLC purchased a new stake in shares of DraftKings during the second quarter worth about $161,000. VestGen Advisors LLC increased its position in shares of DraftKings by 145.8% during the second quarter. VestGen Advisors LLC now owns 28,828 shares of the company’s stock worth $1,236,000 after acquiring an additional 17,100 shares during the last quarter. Lido Advisors LLC lifted its stake in shares of DraftKings by 21.9% in the second quarter. Lido Advisors LLC now owns 9,609 shares of the company’s stock worth $412,000 after acquiring an additional 1,724 shares in the last quarter. Finally, Balanced Wealth Group LLC acquired a new position in shares of DraftKings in the second quarter worth about $261,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Up 1.9%

Shares of NASDAQ:DKNG opened at $35.19 on Friday. The company’s fifty day moving average is $32.69 and its two-hundred day moving average is $38.91. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. DraftKings Inc. has a 1-year low of $26.23 and a 1-year high of $53.61. The stock has a market capitalization of $17.52 billion, a price-to-earnings ratio of -61.74, a price-to-earnings-growth ratio of 2.86 and a beta of 1.60.

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

Insider Buying and Selling

In related news, Director Gregory Westin Wendt acquired 10,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average price of $30.27 per share, for a total transaction of $302,700.00. Following the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $302,700. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the sale, the chief financial officer directly owned 126,990 shares in the company, valued at $3,711,917.70. This represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 166,752 shares of company stock valued at $5,387,153 over the last three months. 51.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on DKNG shares. Wells Fargo & Company began coverage on DraftKings in a report on Tuesday, November 18th. They set an “equal weight” rating and a $31.00 price objective on the stock. Citigroup started coverage on shares of DraftKings in a research report on Friday, November 21st. They set a “buy” rating and a $48.00 price target for the company. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a report on Monday, November 10th. Finally, Barclays decreased their price objective on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Twenty-five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.38.

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.