AdvisorNet Financial Inc Cuts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

AdvisorNet Financial Inc cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,332 shares of the company’s stock after selling 2,747 shares during the quarter. AdvisorNet Financial Inc’s holdings in DraftKings were worth $198,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Oppenheimer Asset Management Inc. increased its stake in shares of DraftKings by 55.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 14,832 shares of the company’s stock worth $566,000 after purchasing an additional 5,277 shares during the last quarter. Edgestream Partners L.P. bought a new position in DraftKings during the second quarter valued at $960,000. Mercer Global Advisors Inc. ADV increased its position in DraftKings by 44.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 35,073 shares of the company’s stock worth $1,339,000 after buying an additional 10,781 shares during the last quarter. Amalgamated Bank raised its stake in shares of DraftKings by 8.7% in the second quarter. Amalgamated Bank now owns 30,032 shares of the company’s stock valued at $1,146,000 after buying an additional 2,412 shares during the period. Finally, Blair William & Co. IL lifted its position in shares of DraftKings by 6.8% during the 2nd quarter. Blair William & Co. IL now owns 21,327 shares of the company’s stock valued at $814,000 after buying an additional 1,358 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG opened at $39.29 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market cap of $34.60 billion, a PE ratio of -44.65, a price-to-earnings-growth ratio of 2.99 and a beta of 1.90. The stock has a 50-day moving average price of $40.67 and a 200-day moving average price of $37.95.

DraftKings (NASDAQ:DKNG) last announced its earnings results 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). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, equities analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,052,183 shares of company stock worth $41,303,025. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Wells Fargo & Company increased their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Morgan Stanley boosted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a report on Tuesday, January 7th. Finally, Mizuho lifted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.

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.