DraftKings Inc. (NASDAQ:DKNG) Shares Sold by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC cut its position in DraftKings Inc. (NASDAQ:DKNG) by 68.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,219 shares of the company’s stock after selling 2,689 shares during the period. EverSource Wealth Advisors LLC’s holdings in DraftKings were worth $45,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. LRI Investments LLC purchased a new stake in DraftKings in the first quarter valued at $31,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings in the first quarter worth about $33,000. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the fourth quarter worth about $26,000. Concord Wealth Partners grew its holdings in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after acquiring an additional 498 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. JPMorgan Chase & Co. increased their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday. BMO Capital Markets cut their price objective on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Monday, September 23rd. Finally, Truist Financial restated a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Three equities research 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, the stock has an average rating of “Moderate Buy” and an average target price of $49.74.

DraftKings Stock Down 1.4 %

NASDAQ DKNG opened at $40.36 on Friday. The business’s fifty day simple moving average is $35.62 and its 200-day simple moving average is $39.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market cap of $35.08 billion, a PE ratio of -34.20 and a beta of 1.80. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57.

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

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction 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 sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction 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 disclosure for this sale can be found here. Over the last three months, insiders sold 1,195,301 shares of company stock worth $45,355,362. Company insiders own 51.19% of the company’s stock.

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.