Balboa Wealth Partners Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

Balboa Wealth Partners cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 26.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,447 shares of the company’s stock after selling 3,400 shares during the quarter. Balboa Wealth Partners’ holdings in DraftKings were worth $370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Marshall Wace LLP lifted its holdings in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares during the period. Blue Whale Capital LLP purchased a new stake in DraftKings in the 2nd quarter worth approximately $39,306,000. Kodai Capital Management LP purchased a new stake in DraftKings in the 1st quarter worth approximately $41,276,000. Finally, AQR Capital Management LLC lifted its holdings in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after buying an additional 870,789 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Macquarie increased their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. JMP Securities increased their price objective on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday, November 11th. TD Cowen increased their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company increased their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.85.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock worth $39,966,465 in the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $39.84 on Friday. The business’s fifty day simple moving average is $38.35 and its two-hundred day simple moving average is $37.94. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Research analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

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.