Meridian Investment Counsel Inc. Has $297,000 Holdings in DraftKings Inc. (NASDAQ:DKNG)

Meridian Investment Counsel Inc. trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 16.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,585 shares of the company’s stock after selling 1,500 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in DraftKings were worth $297,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DKNG. LRI Investments LLC acquired a new stake in DraftKings during the first quarter valued at approximately $31,000. Alta Advisers Ltd acquired a new stake in DraftKings in the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings in the second quarter valued at $39,000. St. Johns Investment Management Company LLC acquired a new position in DraftKings during the second quarter worth $46,000. Finally, V Square Quantitative Management LLC bought a new position in shares of DraftKings during the third quarter valued at $46,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DKNG. Bank of America dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Morgan Stanley raised their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. Finally, JMP Securities raised their target price on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $50.85.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

Shares of DKNG stock opened at $39.84 on Friday. The stock has a 50-day moving average of $38.35 and a 200-day moving average of $37.91. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The stock has a market cap of $35.00 billion, a PE 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 issued its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during 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, sell-side analysts expect that DraftKings Inc. will post -0.73 earnings per share for the current 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.