Cornerstone Wealth Management LLC Acquires Shares of 7,589 DraftKings Inc. (NASDAQ:DKNG)

Cornerstone Wealth Management LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 7,589 shares of the company’s stock, valued at approximately $297,000.

A number of other large investors have also made changes to their positions in the stock. LRI Investments LLC acquired a new position in DraftKings during the first quarter worth $31,000. Concord Wealth Partners boosted its position in shares of DraftKings by 140.2% during the 1st 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 last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of DraftKings by 117.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the period. Alta Advisers Ltd acquired a new stake in DraftKings during the second quarter worth about $38,000. Finally, Redwood Wealth Management Group LLC purchased a new position in DraftKings during the second quarter worth about $39,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Monday, September 23rd. UBS Group lifted their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research note on Tuesday, September 10th. Truist Financial restated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Finally, Mizuho increased their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $50.19.

DraftKings Stock Performance

Shares of DKNG stock opened at $38.46 on Friday. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57. 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 company has a market cap of $33.43 billion, a P/E ratio of -32.59 and a beta of 1.81. The firm has a fifty day moving average price of $36.78 and a 200 day moving average price of $38.64.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the business posted ($0.17) EPS. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. Sell-side analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’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 transaction of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing 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 firm’s 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 owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings 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 sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,132,095 shares of company stock worth $42,890,328 over the last three months. 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.