Cwm LLC Has $4.18 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Cwm LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,600 shares of the company’s stock after selling 18,547 shares during the period. Cwm LLC’s holdings in DraftKings were worth $4,179,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. LRI Investments LLC bought a new stake in shares of DraftKings during the 1st quarter worth approximately $31,000. Transcendent Capital Group LLC bought a new stake in DraftKings in the 4th quarter valued at about $26,000. Concord Wealth Partners grew its stake 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 buying an additional 453 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after buying an additional 498 shares during the period. Finally, Alta Advisers Ltd acquired a new position in shares of DraftKings in the 2nd quarter valued at approximately $38,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Truist Financial reiterated a “buy” rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Bank of America decreased their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. Barclays lifted their target price on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.89.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,195,301 shares of company stock valued at $45,355,362 over the last three months. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Up 1.1 %

NASDAQ:DKNG opened at $38.44 on Friday. The firm has a fifty day simple moving average of $36.08 and a two-hundred day simple moving average of $38.90. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57. The stock has a market capitalization of $33.77 billion, a price-to-earnings ratio of -43.19 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.

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

DraftKings Company 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.