Natixis Advisors LLC Trims Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Natixis Advisors LLC trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 18.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,552 shares of the company’s stock after selling 2,869 shares during the quarter. Natixis Advisors LLC’s holdings in DraftKings were worth $479,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Game Plan Financial Advisors LLC raised its holdings in shares of DraftKings by 15.7% during the 2nd quarter. Game Plan Financial Advisors LLC now owns 52,050 shares of the company’s stock valued at $1,987,000 after buying an additional 7,055 shares during the period. Claro Advisors LLC grew its stake in DraftKings by 13.1% during the 2nd quarter. Claro Advisors LLC now owns 17,198 shares of the company’s stock valued at $656,000 after purchasing an additional 1,986 shares in the last quarter. Summit Financial LLC grew its stake in DraftKings by 198.4% during the 2nd quarter. Summit Financial LLC now owns 178,913 shares of the company’s stock valued at $6,829,000 after purchasing an additional 118,962 shares in the last quarter. WR Wealth Planners LLC grew its stake in DraftKings by 9.6% during the 2nd quarter. WR Wealth Planners LLC now owns 4,475 shares of the company’s stock valued at $171,000 after purchasing an additional 393 shares in the last quarter. Finally, nVerses Capital LLC grew its stake in DraftKings by 427.3% during the 2nd quarter. nVerses Capital LLC now owns 11,600 shares of the company’s stock valued at $443,000 after purchasing an additional 9,400 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on DKNG shares. Susquehanna raised their price objective on DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research note on Wednesday, September 4th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Monday, September 9th. Morgan Stanley reiterated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research report on Wednesday. Finally, Barclays decreased their target price on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.78.

DraftKings Stock Down 2.0 %

Shares of NASDAQ:DKNG opened at $37.80 on Friday. The company has a market capitalization of $32.86 billion, a PE ratio of -32.03 and a beta of 1.80. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The company has a fifty day moving average of $35.27 and a 200-day moving average of $39.61. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the business posted ($0.17) EPS. The business’s revenue was up 26.2% compared to the same quarter last year. On average, equities analysts predict that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 63,206 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,220,537 shares of company stock worth $44,784,070. Company insiders own 51.19% of the company’s stock.

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.