Patriot Financial Group Insurance Agency LLC Decreases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Patriot Financial Group Insurance Agency LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 12.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,878 shares of the company’s stock after selling 1,157 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in DraftKings were worth $309,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Marshall Wace LLP increased its stake in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after acquiring an additional 1,723,819 shares during the period. Jupiter Asset Management Ltd. raised its stake in shares of DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after acquiring an additional 1,493,995 shares during the last quarter. Blue Whale Capital LLP purchased a new stake in shares of DraftKings during the second quarter worth about $39,306,000. Finally, Kodai Capital Management LP bought a new stake in shares of DraftKings in the first quarter worth about $41,276,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on DKNG shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Mizuho raised their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Oppenheimer cut their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Susquehanna raised their target price on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Finally, BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research note on Tuesday, September 10th. Three investment 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.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $50.22.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This represents 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 88,441 shares of the stock in a transaction on 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 sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,220,536 shares of company stock valued at $46,110,465 over the last three months. 48.94% of the stock is currently owned by company insiders.

DraftKings Stock Up 0.6 %

DKNG stock opened at $36.77 on Wednesday. The company’s 50 day moving average price is $37.33 and its 200 day moving average price is $38.18. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a fifty-two week low of $26.35 and a fifty-two week high of $49.57. The firm has a market capitalization of $32.30 billion, a price-to-earnings ratio of -41.31 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.17) earnings per share. On average, equities research analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

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.