DraftKings Inc. (NASDAQ:DKNG) Stake Lessened by Summit Financial LLC

Summit Financial LLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 39.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 111,153 shares of the company’s stock after selling 72,118 shares during the quarter. Summit Financial LLC’s holdings in DraftKings were worth $4,135,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DKNG. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new stake in DraftKings in the fourth quarter worth $30,000. Synergy Investment Management LLC bought a new position in DraftKings during the fourth quarter valued at about $37,000. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings in the third quarter worth about $43,000. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings during the 4th quarter worth about $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Down 5.9 %

DKNG stock opened at $33.21 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a market cap of $16.60 billion, a P/E ratio of -31.33, a PEG ratio of 1.43 and a beta of 2.07. The business has a fifty day moving average of $41.89 and a 200-day moving average of $40.32.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on DKNG shares. Barclays raised their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Wells Fargo & Company raised their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $54.42.

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.