Rise Advisors LLC Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Rise Advisors LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 42.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,498 shares of the company’s stock after selling 1,086 shares during the period. Rise Advisors LLC’s holdings in DraftKings were worth $56,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Alta Advisers Ltd acquired a new stake in DraftKings in the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new stake in DraftKings during the second quarter worth about $39,000. Delos Wealth Advisors LLC purchased a new stake in DraftKings during the third quarter worth about $43,000. V Square Quantitative Management LLC acquired a new position in DraftKings during the third quarter worth about $46,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in DraftKings in the second quarter valued at about $47,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Up 1.8 %

Shares of NASDAQ:DKNG traded up $0.68 during midday trading on Tuesday, hitting $37.93. 5,107,922 shares of the company’s stock traded hands, compared to its average volume of 6,942,158. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a market cap of $33.40 billion, a PE ratio of -43.10 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm’s fifty day moving average price is $40.31 and its two-hundred day moving average price is $37.93.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. On average, equities research analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 852,183 shares of company stock worth $33,503,025 in the last 90 days. 51.19% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on DKNG. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Susquehanna raised their price target on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. upped their price target on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.92.

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.