DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 7.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 394,347 shares of the company’s stock after selling 31,305 shares during the quarter. Envestnet Asset Management Inc.’s holdings in DraftKings were worth $15,052,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DKNG. Transcendent Capital Group LLC acquired a new stake in DraftKings in the fourth quarter valued at $26,000. LRI Investments LLC acquired a new stake in DraftKings in the first quarter valued at $31,000. LifeSteps Financial Inc. acquired a new stake in DraftKings in the first quarter valued at $33,000. Concord Wealth Partners lifted its holdings in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its stake in shares of DraftKings by 117.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after buying an additional 498 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold a total of 551,647 shares of company stock valued at $18,811,071 in the last three months. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DraftKings stock opened at $39.14 on Wednesday. The stock’s 50 day moving average price is $35.43 and its 200 day moving average price is $39.40. The firm has a market capitalization of $34.02 billion, a PE ratio of -33.17 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) EPS. As a group, sell-side analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on DKNG. Macquarie reaffirmed an “outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. Morgan Stanley reaffirmed an “overweight” rating and set a $47.00 price target on shares of DraftKings in a research note on Wednesday, September 11th. Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. Susquehanna lifted their price target on DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research note on Wednesday, September 4th. Finally, Truist Financial reaffirmed a “buy” rating and set a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.78.

DraftKings 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.