22,728 Shares in DraftKings Inc. (NASDAQ:DKNG) Bought by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the first quarter, HoldingsChannel reports. The institutional investor purchased 22,728 shares of the company’s stock, valued at approximately $1,032,000.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in DraftKings during the 4th quarter worth $192,140,000. Ameriprise Financial Inc. grew its holdings in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares during the last quarter. First Trust Advisors LP increased its position in DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after acquiring an additional 2,528,503 shares during the period. Eagle Asset Management Inc. purchased a new stake in DraftKings during the 4th quarter valued at approximately $87,829,000. Finally, Vanguard Group Inc. lifted its position in DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DraftKings stock traded down $0.33 during mid-day trading on Wednesday, hitting $37.67. 12,195,287 shares of the company were exchanged, compared to its average volume of 11,457,917. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 12-month low of $24.97 and a 12-month high of $49.57. The business’s 50 day simple moving average is $40.90 and its two-hundred day simple moving average is $40.59. The company has a market capitalization of $32.74 billion, a P/E ratio of -31.92 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.87) EPS. Analysts forecast that DraftKings Inc. will post -0.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DKNG. Deutsche Bank Aktiengesellschaft boosted their target price on DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. Guggenheim cut their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Wednesday, June 12th. Berenberg Bank raised shares of DraftKings to a “hold” rating in a report on Friday, May 31st. Finally, BMO Capital Markets lifted their price objective on DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.24.

Insider Activity

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the sale, the insider now directly owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the transaction, the insider now directly owns 2,849,215 shares in the company, valued at $121,576,004.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The disclosure for this sale can be found here. Insiders sold a total of 851,450 shares of company stock valued at $35,023,584 over the last 90 days. 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.