Atria Wealth Solutions Inc. Trims Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Atria Wealth Solutions Inc. lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 17.0% during the 4th quarter, Holdings Channel reports. The firm owned 35,242 shares of the company’s stock after selling 7,216 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in DraftKings were worth $1,311,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the 4th quarter worth approximately $30,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the 3rd quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV lifted its stake in DraftKings by 36.8% during the 3rd 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. Finally, YANKCOM Partnership purchased a new stake in shares of DraftKings in the 4th quarter valued at $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Down 7.8 %

Shares of DKNG opened at $45.57 on Monday. The stock has a 50 day moving average price of $41.41 and a 200 day moving average price of $39.40. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The stock has a market capitalization of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JMP Securities restated a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Argus set a $60.00 price target on DraftKings in a report on Tuesday, February 18th. Benchmark upped their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.26.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,160,591 shares of company stock worth $46,945,158. Insiders own 51.19% of the company’s stock.

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.