DraftKings Inc. $DKNG Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 27.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,182 shares of the company’s stock after selling 19,969 shares during the quarter. QRG Capital Management Inc.’s holdings in DraftKings were worth $1,989,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Rakuten Securities Inc. increased its holdings in shares of DraftKings by 93.5% during the third quarter. Rakuten Securities Inc. now owns 2,897 shares of the company’s stock valued at $108,000 after acquiring an additional 1,400 shares in the last quarter. Wealth Effects LLC purchased a new stake in DraftKings during the 3rd quarter worth approximately $213,000. Elevate Capital Advisors LLC increased its stake in DraftKings by 3.6% during the 3rd quarter. Elevate Capital Advisors LLC now owns 15,985 shares of the company’s stock valued at $598,000 after purchasing an additional 555 shares in the last quarter. Silverlake Wealth Management LLC increased its stake in DraftKings by 39.0% during the 3rd quarter. Silverlake Wealth Management LLC now owns 9,009 shares of the company’s stock valued at $337,000 after purchasing an additional 2,529 shares in the last quarter. Finally, Udine Wealth Management Inc. raised its holdings in shares of DraftKings by 2.9% in the third quarter. Udine Wealth Management Inc. now owns 60,447 shares of the company’s stock worth $2,261,000 after buying an additional 1,726 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DKNG. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a report on Monday, November 10th. JMP Securities dropped their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Mizuho reduced their price objective on DraftKings from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, November 13th. BTIG Research lifted their target price on DraftKings from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Finally, BMO Capital Markets cut their price target on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. Twenty-five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.10.

DraftKings Stock Down 8.0%

DraftKings stock opened at $32.62 on Tuesday. The business’s 50-day moving average price is $33.47 and its 200 day moving average price is $38.20. 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 firm has a market cap of $16.24 billion, a price-to-earnings ratio of -57.23, a price-to-earnings-growth ratio of 0.66 and a beta of 1.63. DraftKings Inc. has a 52 week low of $26.23 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company 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 revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.60) earnings per share. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total transaction of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Westin Wendt acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was purchased at an average price of $30.27 per share, with a total value of $302,700.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 113,975 shares of company stock worth $3,562,653 in the last ninety days. Corporate insiders own 47.08% of the company’s stock.

About DraftKings

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.