Moors & Cabot Inc. Has $1.11 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Moors & Cabot Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 28,180 shares of the company’s stock after acquiring an additional 650 shares during the quarter. Moors & Cabot Inc.’s holdings in DraftKings were worth $1,105,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Advisors Asset Management Inc. grew its position in shares of DraftKings by 10.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 31,860 shares of the company’s stock valued at $1,249,000 after buying an additional 2,978 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares during the period. Commerce Bank boosted its stake in shares of DraftKings by 56.0% in the 3rd quarter. Commerce Bank now owns 22,809 shares of the company’s stock valued at $894,000 after purchasing an additional 8,185 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in DraftKings during the 3rd quarter worth about $349,000. Finally, Prospera Financial Services Inc lifted its stake in DraftKings by 5.3% in the third quarter. Prospera Financial Services Inc now owns 10,181 shares of the company’s stock valued at $399,000 after buying an additional 509 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 820,536 shares of company stock valued at $32,916,465. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

Shares of DKNG stock opened at $43.64 on Friday. The company’s fifty day moving average price is $38.82 and its 200-day moving average price is $37.97. The stock has a market cap of $38.43 billion, a PE ratio of -49.59 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.00 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.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share 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 business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, equities analysts expect that DraftKings Inc. will post -0.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. 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. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Oppenheimer dropped their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Wells Fargo & Company raised their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Three 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 has an average rating of “Moderate Buy” and a consensus target price of $50.85.

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.