DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sheaff Brock Investment Advisors LLC

Sheaff Brock Investment Advisors LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,800 shares of the company’s stock after selling 450 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in DraftKings were worth $345,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC acquired a new stake in DraftKings during the first quarter worth about $241,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in DraftKings by 17.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 221,510 shares of the company’s stock valued at $10,059,000 after acquiring an additional 33,068 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in DraftKings by 284.4% in the first quarter. Jupiter Asset Management Ltd. now owns 118,410 shares of the company’s stock valued at $5,377,000 after acquiring an additional 87,608 shares during the last quarter. Vanguard Group Inc. grew its position in DraftKings by 1.9% in the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after acquiring an additional 747,937 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its stake in DraftKings by 24.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 43,476 shares of the company’s stock worth $1,974,000 after acquiring an additional 8,443 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were 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 $94,402,390.50. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were 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 of the company’s stock, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their position. 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 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Bank of America dropped their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Macquarie upped their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research report on Tuesday, September 10th. Finally, Susquehanna boosted their price objective on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.85.

DraftKings Trading Down 3.2 %

Shares of DraftKings stock opened at $39.84 on Friday. The company’s fifty day moving average is $38.35 and its two-hundred day moving average is $37.94. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. The company has a market capitalization of $35.00 billion, a P/E ratio of -45.27 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company 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%. Analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current year.

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.