Cornerstone Wealth Management LLC Buys Shares of 7,589 DraftKings Inc. (NASDAQ:DKNG)

Cornerstone Wealth Management LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,589 shares of the company’s stock, valued at approximately $297,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. SageView Advisory Group LLC bought a new position in DraftKings in the fourth quarter worth approximately $184,000. HighPoint Advisor Group LLC bought a new position in shares of DraftKings in the 4th quarter worth $288,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of DraftKings by 117.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after purchasing an additional 498 shares during the last quarter. International Assets Investment Management LLC boosted its position in DraftKings by 17.2% during the first quarter. International Assets Investment Management LLC now owns 7,522 shares of the company’s stock valued at $338,000 after purchasing an additional 1,104 shares in the last quarter. Finally, RDA Financial Network bought a new stake in DraftKings during the first quarter valued at about $232,000. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated 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 owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,132,095 shares of company stock valued at $42,890,328. 51.19% of the stock is owned by corporate insiders.

DraftKings Trading Up 2.2 %

Shares of DraftKings stock opened at $38.46 on Friday. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $33.43 billion, a P/E ratio of -32.59 and a beta of 1.81. The firm has a 50-day simple moving average of $36.78 and a two-hundred day simple moving average of $38.64.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on DKNG shares. Barclays raised their price target on shares of DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 price target on shares of DraftKings in a report on Wednesday, September 11th. Mizuho increased their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday. The Goldman Sachs Group dropped their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, Bank of America decreased their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.19.

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.