Atria Investments Inc Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

Atria Investments Inc purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,474 shares of the company’s stock, valued at approximately $215,000.

A number of other hedge funds also recently bought and sold shares of the business. Bridges Investment Management Inc. raised its stake in shares of DraftKings by 4.8% during the 3rd quarter. Bridges Investment Management Inc. now owns 9,475 shares of the company’s stock worth $371,000 after buying an additional 437 shares during the period. Assetmark Inc. raised its position in DraftKings by 5.0% during the third quarter. Assetmark Inc. now owns 188,565 shares of the company’s stock worth $7,392,000 after acquiring an additional 9,058 shares during the period. CWA Asset Management Group LLC purchased a new position in DraftKings during the third quarter valued at $355,000. Smith Thornton Advisors LLC lifted its holdings in DraftKings by 3.9% during the third quarter. Smith Thornton Advisors LLC now owns 9,552 shares of the company’s stock valued at $374,000 after purchasing an additional 360 shares in the last quarter. Finally, TFB Advisors LLC grew its position in shares of DraftKings by 3.4% in the third quarter. TFB Advisors LLC now owns 18,009 shares of the company’s stock valued at $706,000 after purchasing an additional 589 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research analyst reports. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research report on Tuesday, September 10th. JMP Securities increased their target price on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price target on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Finally, Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 823,687 shares of company stock valued at $33,054,195. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

NASDAQ:DKNG opened at $43.09 on Friday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The stock’s fifty day moving average is $38.92 and its two-hundred day moving average is $37.93. The company has a market capitalization of $37.95 billion, a P/E ratio of -48.97 and a beta of 1.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Equities analysts expect that DraftKings Inc. will post -0.79 EPS for the current 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.