DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 16.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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.

Several other institutional investors have also modified their holdings of the company. Global Retirement Partners LLC lifted its holdings in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after purchasing an additional 286 shares during the last quarter. Creative Financial Designs Inc. ADV boosted 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 worth $47,000 after buying an additional 320 shares in the last quarter. Brown Lisle Cummings Inc. grew its position in DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC increased its holdings in shares of DraftKings by 18.3% in the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after buying an additional 329 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DKNG. Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research note on Tuesday, September 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. JMP Securities lifted their target price on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Price Performance

NASDAQ DKNG opened at $39.84 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The stock’s 50-day moving average is $38.35 and its two-hundred day moving average is $37.91. The firm has a market cap 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 posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. On average, analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other 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 value of $7,050,000.00. Following the sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by insiders.

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.