Cerity Partners LLC Purchases 119,464 Shares of DraftKings Inc. $DKNG

Cerity Partners LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 55.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 335,503 shares of the company’s stock after purchasing an additional 119,464 shares during the quarter. Cerity Partners LLC owned approximately 0.07% of DraftKings worth $12,548,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of DKNG. TD Private Client Wealth LLC boosted its stake in 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 buying an additional 282 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of DraftKings in the 2nd quarter valued at $45,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings during the 2nd quarter worth about $47,000. Ameritas Advisory Services LLC bought a new position in shares of DraftKings during the 2nd quarter worth about $48,000. Finally, Pinnacle Bancorp Inc. boosted its position in shares of DraftKings by 101.3% during the 2nd quarter. Pinnacle Bancorp Inc. now owns 1,264 shares of the company’s stock valued at $54,000 after acquiring an additional 636 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In related news, Director Gregory Westin Wendt purchased 10,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The shares were 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 in the company, valued at approximately $302,700. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were 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 of the company’s stock, valued at $3,711,917.70. The trade was a 6.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 166,752 shares of company stock worth $5,387,153 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Down 2.3%

NASDAQ DKNG opened at $35.17 on Friday. The stock’s 50 day simple moving average is $32.91 and its 200 day simple moving average is $38.57. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61. The firm has a market cap of $17.51 billion, a PE ratio of -61.70, a price-to-earnings-growth ratio of 0.71 and a beta of 1.63. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09.

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 business had revenue of $1.14 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.60) EPS. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several recent research reports. Truist Financial dropped their price target on shares of DraftKings from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, December 22nd. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and decreased their price target for the company from $48.00 to $35.00 in a research note on Tuesday, November 4th. Canaccord Genuity Group lowered their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Finally, BTIG Research increased their price objective on DraftKings from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. Twenty-five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

DraftKings 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.