StoneCrest Wealth Management Inc. Lowers Stake in DraftKings Inc. (NASDAQ:DKNG)

StoneCrest Wealth Management Inc. decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,085 shares of the company’s stock after selling 426 shares during the quarter. StoneCrest Wealth Management Inc.’s holdings in DraftKings were worth $670,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in DKNG. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $26,000. LRI Investments LLC purchased a new stake in DraftKings during the first quarter worth about $31,000. Concord Wealth Partners lifted its position in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares in the last quarter. Alta Advisers Ltd purchased a new position in shares of DraftKings in the second quarter valued at approximately $38,000. Finally, Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings in the second quarter valued at approximately $39,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other DraftKings 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 sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,195,301 shares of company stock worth $45,355,362 in the last 90 days. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Down 0.8 %

DraftKings stock opened at $37.50 on Wednesday. The company has a market capitalization of $32.60 billion, a P/E ratio of -31.78 and a beta of 1.81. 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 Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The stock has a 50-day simple moving average of $35.87 and a 200-day simple moving average of $39.04.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.17) earnings per share. Equities research analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DKNG. Oppenheimer reduced their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. UBS Group increased their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Bank of America lowered their target price on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Morgan Stanley restated an “overweight” rating and set a $47.00 price target on shares of DraftKings in a report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. lifted their price objective on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.89.

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.