DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 20,086 shares of the company’s stock after selling 539 shares during the period. Kestra Private Wealth Services LLC’s holdings in DraftKings were worth $708,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Fifth Third Bancorp increased its stake in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the period. Cornerstone Wealth Management LLC lifted its holdings in DraftKings by 4.4% in the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares during the period. Signaturefd LLC grew its position in DraftKings by 7.6% in the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after buying an additional 379 shares in the last quarter. Stratos Wealth Advisors LLC increased its stake in DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after buying an additional 381 shares during the period. Finally, Gables Capital Management Inc. raised its position in shares of DraftKings by 2.2% during the 3rd quarter. Gables Capital Management Inc. now owns 18,330 shares of the company’s stock worth $540,000 after buying an additional 400 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In other news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,086,101 shares of company stock worth $45,903,509. Insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of DraftKings stock opened at $41.82 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a 1-year low of $21.07 and a 1-year high of $49.57. The firm has a fifty day simple moving average of $43.58 and a 200-day simple moving average of $38.92. The stock has a market capitalization of $36.24 billion, a price-to-earnings ratio of -35.44 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The business’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.87) earnings per share. On average, sell-side analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Moffett Nathanson increased their price objective on shares of DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Barclays boosted their price target on shares of DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, April 19th. JMP Securities reaffirmed a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a research note on Monday, March 25th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Finally, Mizuho began coverage on DraftKings in a research report on Tuesday, March 26th. They issued a “buy” rating and a $58.00 target price for the company. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.45.

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.