DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sheaff Brock Investment Advisors LLC

Sheaff Brock Investment Advisors LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,800 shares of the company’s stock after selling 450 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in DraftKings were worth $345,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of DraftKings during the 1st quarter worth approximately $241,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in DraftKings by 17.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 221,510 shares of the company’s stock valued at $10,059,000 after purchasing an additional 33,068 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in DraftKings by 284.4% in the 1st quarter. Jupiter Asset Management Ltd. now owns 118,410 shares of the company’s stock valued at $5,377,000 after purchasing an additional 87,608 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board grew its holdings in shares of DraftKings by 24.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 43,476 shares of the company’s stock worth $1,974,000 after buying an additional 8,443 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on DKNG. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. JPMorgan Chase & Co. increased their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,020,536 shares of company stock valued at $39,966,465 over the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Trading Down 3.2 %

DraftKings stock opened at $39.84 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The stock has a market capitalization of $35.00 billion, a PE ratio of -45.27 and a beta of 1.82. The firm has a 50 day simple moving average of $38.35 and a 200-day simple moving average of $37.94. 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 issued its quarterly 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, equities research analysts expect that DraftKings Inc. will post -0.73 EPS for the current fiscal 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.