DRW Securities LLC Has $348,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

DRW Securities LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 68.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,148 shares of the company’s stock after selling 20,055 shares during the quarter. DRW Securities LLC’s holdings in DraftKings were worth $348,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Transcendent Capital Group LLC bought a new stake in DraftKings during the fourth quarter worth about $26,000. LRI Investments LLC acquired a new position in DraftKings in the first quarter worth $31,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings during the first quarter worth $33,000. Concord Wealth Partners increased its stake in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd bought a new position in shares of DraftKings in the second quarter valued at about $38,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Up 0.9 %

DKNG opened at $39.63 on Tuesday. The firm’s fifty day simple moving average is $35.43 and its 200 day simple moving average is $39.40. The stock has a market capitalization of $34.45 billion, a P/E ratio of -33.58 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57.

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

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The disclosure for this sale can be found here. Insiders sold a total of 551,647 shares of company stock valued at $18,811,071 in the last quarter. 51.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DKNG shares. The Goldman Sachs Group decreased their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Wells Fargo & Company dropped their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Benchmark lifted their price objective on DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. BMO Capital Markets cut their target price on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research note on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $49.78.

DraftKings Company 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.