Oppenheimer & Co. Inc. Cuts Stake in DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer & Co. Inc. lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 38.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,881 shares of the company’s stock after selling 46,024 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in DraftKings were worth $2,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of DKNG. Transcendent Capital Group LLC purchased a new stake in DraftKings in the fourth quarter worth approximately $26,000. LRI Investments LLC purchased a new stake in shares of DraftKings during the first quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new stake in shares of DraftKings during the first quarter valued at approximately $33,000. Concord Wealth Partners boosted its stake in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Guggenheim dropped their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Susquehanna increased 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. The Goldman Sachs Group dropped their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $37.80 on Monday. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The business has a fifty day moving average price of $35.27 and a 200-day moving average price of $39.58. The company has a market capitalization of $32.86 billion, a PE ratio of -32.03 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate 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 company earned ($0.17) earnings per share. The company’s revenue was up 26.2% on a year-over-year basis. As a group, equities analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 668,890 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul Liberman sold 668,890 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on 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 sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock worth $44,784,070 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

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.