DraftKings Inc. $DKNG Position Lessened by D.A. Davidson & CO.

D.A. Davidson & CO. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 65.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,717 shares of the company’s stock after selling 27,501 shares during the period. D.A. Davidson & CO.’s holdings in DraftKings were worth $550,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. CWA Asset Management Group LLC lifted its holdings in shares of DraftKings by 8.1% in the third quarter. CWA Asset Management Group LLC now owns 9,783 shares of the company’s stock valued at $366,000 after buying an additional 732 shares during the period. Earned Wealth Advisors LLC raised its position in DraftKings by 55.7% during the third quarter. Earned Wealth Advisors LLC now owns 8,319 shares of the company’s stock valued at $311,000 after buying an additional 2,977 shares during the period. Asset Management One Co. Ltd. grew its position in DraftKings by 2.4% during the third quarter. Asset Management One Co. Ltd. now owns 171,155 shares of the company’s stock valued at $6,401,000 after purchasing an additional 4,076 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of DraftKings during the 3rd quarter valued at $407,000. Finally, SteelPeak Wealth LLC grew its stake in DraftKings by 59.0% in the third quarter. SteelPeak Wealth LLC now owns 13,297 shares of the company’s stock valued at $497,000 after purchasing an additional 4,935 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Trading Down 0.6%

Shares of DraftKings stock opened at $34.96 on Tuesday. The firm has a 50-day moving average of $33.00 and a 200-day moving average of $38.49. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. 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 stock has a market cap of $17.40 billion, a PE ratio of -61.33, a PEG ratio of 0.71 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s quarterly 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. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the completion of the transaction, the insider owned 512,182 shares in the company, valued at approximately $17,332,238.88. This represents a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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, with a total value of $302,700.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at $302,700. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 166,752 shares of company stock valued at $5,387,153 in the last 90 days. Corporate insiders own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several analyst reports. Wall Street Zen downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. 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. Wells Fargo & Company initiated coverage on DraftKings in a research note on Tuesday, November 18th. They issued an “equal weight” rating and a $31.00 price target on the stock. Barclays decreased their price objective on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Finally, BTIG Research raised their target price on DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 5th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.07.

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.