Balboa Wealth Partners Lowers Position in DraftKings Inc. (NASDAQ:DKNG)

Balboa Wealth Partners cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 26.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,447 shares of the company’s stock after selling 3,400 shares during the period. Balboa Wealth Partners’ holdings in DraftKings were worth $370,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. LRI Investments LLC purchased a new position in DraftKings during the first quarter valued at $31,000. Alta Advisers Ltd purchased a new position in DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings during the second quarter valued at $39,000. V Square Quantitative Management LLC purchased a new position in DraftKings during the third quarter valued at $46,000. Finally, Creative Financial Designs Inc. ADV raised its holdings in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Down 3.2 %

Shares of NASDAQ DKNG opened at $39.84 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The business’s 50 day moving average is $38.35 and its two-hundred day moving average is $37.94. The stock has a market capitalization of $35.00 billion, a P/E ratio of -45.27 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11.

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). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, research analysts expect that DraftKings Inc. will post -0.73 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on DKNG. Oppenheimer decreased their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Friday, November 8th. JMP Securities raised their price target on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. Finally, Truist Financial reissued a “buy” rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred 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 owns 137,308 shares in the company, valued at $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 over the last 90 days. Company insiders own 51.19% of the company’s stock.

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.