DraftKings Inc. (NASDAQ:DKNG) Stake Lessened by Fortis Group Advisors LLC

Fortis Group Advisors LLC reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 33.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,175 shares of the company’s stock after selling 30,166 shares during the period. Fortis Group Advisors LLC’s holdings in DraftKings were worth $2,259,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. RDA Financial Network bought a new position in shares of DraftKings in the first quarter worth $232,000. LRI Investments LLC purchased a new stake in shares of DraftKings during the first quarter valued at $31,000. CreativeOne Wealth LLC acquired a new stake in DraftKings during the 1st quarter valued at $297,000. Janney Montgomery Scott LLC grew its stake in DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after acquiring an additional 129,294 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of DraftKings by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after purchasing an additional 1,021 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DKNG. Truist Financial reaffirmed a “buy” rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Barclays cut their price target on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Guggenheim decreased their target price on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Bank of America lowered their target price on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, Berenberg Bank raised shares of DraftKings to a “hold” rating in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $49.56.

DraftKings Stock Up 1.8 %

NASDAQ DKNG traded up $0.61 during trading hours on Friday, reaching $34.50. 7,568,781 shares of the company’s stock were exchanged, compared to its average volume of 10,783,948. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57. The company’s 50-day moving average is $35.59 and its two-hundred day moving average is $40.05. The company has a market capitalization of $29.99 billion, a price-to-earnings ratio of -29.24 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The firm’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. On average, analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on 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 sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The sale was disclosed in a legal filing 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 on 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 transaction, the director now owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Insiders have sold a total of 1,471,987 shares of company stock worth $54,373,654 over the last three months. Corporate insiders own 51.19% of the company’s stock.

DraftKings 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.