DraftKings Inc. (NASDAQ:DKNG) Stock Position Decreased by Arkadios Wealth Advisors

Arkadios Wealth Advisors reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 25.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,323 shares of the company’s stock after selling 3,612 shares during the period. Arkadios Wealth Advisors’ holdings in DraftKings were worth $405,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in DKNG. LRI Investments LLC bought a new position in DraftKings during the 1st quarter worth $31,000. Alta Advisers Ltd bought a new position in shares of DraftKings during the second quarter worth about $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the 2nd quarter worth about $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings in the 2nd quarter valued at about $46,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings during the 3rd quarter valued at about $46,000. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Up 0.3 %

DraftKings stock opened at $36.87 on Thursday. DraftKings Inc. has a 52 week low of $26.42 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $32.39 billion, a price-to-earnings ratio of -41.43 and a beta of 1.81. The company has a 50 day moving average price of $37.35 and a 200 day moving average price of $38.17.

DraftKings (NASDAQ:DKNG) last issued its 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 business had revenue of $1.10 billion during 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%. DraftKings’s revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) earnings per share. Research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,220,536 shares of company stock worth $46,110,465. 48.94% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on DKNG. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. JPMorgan Chase & Co. increased their price target on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Bank of America cut their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.22.

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.