Sanctuary Advisors LLC Takes $1.53 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Sanctuary Advisors LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, Holdings Channel reports. The fund purchased 40,086 shares of the company’s stock, valued at approximately $1,530,000.

Other hedge funds have also modified their holdings of the company. Transcendent Capital Group LLC purchased a new position in DraftKings in the 4th quarter valued at approximately $26,000. LRI Investments LLC purchased a new position in DraftKings in the 1st quarter valued at approximately $31,000. Concord Wealth Partners increased its stake in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Alta Advisers Ltd purchased a new position in DraftKings in the 2nd quarter valued at approximately $38,000. Finally, Redwood Wealth Management Group LLC purchased a new position in DraftKings in the 2nd quarter valued at approximately $39,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DraftKings stock opened at $38.28 on Thursday. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. The stock has a market capitalization of $33.27 billion, a P/E ratio of -32.44 and a beta of 1.81. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The business’s fifty day moving average price is $35.87 and its 200 day moving average price is $39.04.

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Barclays raised their price target on DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Wells Fargo & Company dropped their price target on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their price target on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Finally, Benchmark reissued a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Monday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.89.

Insider Buying and Selling

In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,195,301 shares of company stock worth $45,355,362. 51.19% of the stock is currently owned by corporate insiders.

About DraftKings

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.