Abacus FCF Advisors LLC Purchases Shares of 331,153 DraftKings Inc. $DKNG

Abacus FCF Advisors LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 331,153 shares of the company’s stock, valued at approximately $12,385,000. Abacus FCF Advisors LLC owned 0.07% of DraftKings as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Sivia Capital Partners LLC boosted its stake in DraftKings by 22.4% during the third quarter. Sivia Capital Partners LLC now owns 17,202 shares of the company’s stock worth $643,000 after acquiring an additional 3,147 shares in the last quarter. waypoint wealth counsel grew its stake in shares of DraftKings by 58.9% during the 3rd quarter. waypoint wealth counsel now owns 12,356 shares of the company’s stock valued at $462,000 after acquiring an additional 4,582 shares during the period. SRH Advisors LLC raised its position in shares of DraftKings by 42.4% during the 3rd quarter. SRH Advisors LLC now owns 10,886 shares of the company’s stock valued at $407,000 after purchasing an additional 3,242 shares during the period. Perigon Wealth Management LLC bought a new position in DraftKings in the 3rd quarter worth approximately $410,000. Finally, Mayflower Financial Advisors LLC purchased a new position in DraftKings during the 3rd quarter valued at approximately $204,000. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In other news, CFO Alan Wayne Ellingson sold 8,421 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the completion of the sale, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. The trade was a 6.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry Sloan purchased 25,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the transaction, the director directly owned 249,712 shares in the company, valued at $7,566,273.60. This represents a 11.13% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 166,752 shares of company stock worth $5,387,153. 47.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on DKNG shares. Sanford C. Bernstein reduced their price objective on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. BTIG Research lifted their price objective on shares of DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 5th. Berenberg Bank set a $43.00 target price on shares of DraftKings and gave the company a “buy” rating in a report on Thursday, October 9th. Macquarie cut their price objective on DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Finally, JPMorgan Chase & Co. reduced their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Twenty-five equities research 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. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $47.07.

DraftKings Trading Down 1.0%

NASDAQ:DKNG opened at $34.54 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The stock’s 50 day simple moving average is $32.41 and its 200-day simple moving average is $38.84. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The firm has a market cap of $17.19 billion, a P/E ratio of -60.59, a PEG ratio of 2.89 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). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business earned ($0.60) earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.