22,728 Shares in DraftKings Inc. (NASDAQ:DKNG) Bought by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 22,728 shares of the company’s stock, valued at approximately $1,032,000.

Several other institutional investors have also added to or reduced their stakes in DKNG. ST Germain D J Co. Inc. raised its stake in DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after buying an additional 250 shares during the last quarter. Fifth Third Bancorp boosted its stake in DraftKings by 8.3% in the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares in the last quarter. Cornerstone Wealth Management LLC grew its position in DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after purchasing an additional 341 shares during the last quarter. Stratos Wealth Advisors LLC increased its stake in DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after purchasing an additional 381 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in DraftKings by 7.9% in the fourth quarter. Signaturefd LLC now owns 5,774 shares of the company’s stock worth $204,000 after buying an additional 424 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on DKNG shares. Morgan Stanley lifted their target price on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Barclays boosted their target price on DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Oppenheimer reiterated an “outperform” rating and issued a $60.00 price target on shares of DraftKings in a research note on Tuesday, May 28th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Wednesday, June 12th. Finally, BMO Capital Markets lifted their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.24.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The disclosure for this sale can be found here. Insiders sold a total of 851,450 shares of company stock valued at $35,023,584 in the last ninety days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.9 %

Shares of DKNG traded down $0.33 during trading hours on Wednesday, reaching $37.67. 12,195,287 shares of the company traded hands, compared to its average volume of 11,457,917. The stock’s fifty day moving average price is $40.90 and its 200 day moving average price is $40.59. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a market cap of $32.74 billion, a price-to-earnings ratio of -31.92 and a beta of 1.81. DraftKings Inc. has a 12-month low of $24.97 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the firm earned ($0.87) earnings per share. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. Sell-side analysts forecast that DraftKings Inc. will post -0.22 earnings per share for the current 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.