Avondale Wealth Management Purchases 750 Shares of DraftKings Inc. (NASDAQ:DKNG)

Avondale Wealth Management increased its position in DraftKings Inc. (NASDAQ:DKNG) by 1.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,400 shares of the company’s stock after buying an additional 750 shares during the quarter. DraftKings accounts for 1.6% of Avondale Wealth Management’s portfolio, making the stock its 13th largest position. Avondale Wealth Management’s holdings in DraftKings were worth $2,524,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Transcendent Capital Group LLC bought a new stake in DraftKings in the fourth quarter valued at approximately $26,000. LRI Investments LLC bought a new stake in DraftKings in the first quarter valued at approximately $31,000. Concord Wealth Partners lifted its position in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the last quarter. Alta Advisers Ltd bought a new stake in DraftKings in the second quarter valued at approximately $38,000. Finally, Redwood Wealth Management Group LLC bought a new stake in DraftKings in the second quarter valued at approximately $39,000. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on DKNG. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research report on Tuesday, September 10th. Oppenheimer decreased their target price on DraftKings from $58.00 to $55.00 and set an “outperform” 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 for the company in a report on Wednesday, June 26th. UBS Group upped their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Macquarie restated an “outperform” rating and set a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.89.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded up $0.40 during trading on Friday, hitting $38.44. The company had a trading volume of 8,410,745 shares, compared to its average volume of 10,468,852. The stock has a 50 day simple moving average of $36.08 and a 200 day simple moving average of $38.97. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57. The firm has a market capitalization of $33.77 billion, a P/E ratio of -43.19 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company earned ($0.17) earnings per share. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,195,301 shares of company stock worth $45,355,362. 51.19% of the stock is owned by corporate 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.