Blue Trust Inc. Has $386,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Blue Trust Inc. raised its position in DraftKings Inc. (NASDAQ:DKNG) by 94.0% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 10,104 shares of the company’s stock after buying an additional 4,897 shares during the period. Blue Trust Inc.’s holdings in DraftKings were worth $386,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DKNG. LRI Investments LLC bought a new stake in shares of DraftKings during the 1st quarter valued at $31,000. Concord Wealth Partners increased its holdings in 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 purchasing an additional 453 shares during the last quarter. Alta Advisers Ltd acquired a new position in DraftKings in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings during the 2nd quarter worth about $39,000. Finally, St. Johns Investment Management Company LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at about $46,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Down 2.8 %

NASDAQ:DKNG opened at $36.60 on Thursday. The firm has a market capitalization of $31.81 billion, a price-to-earnings ratio of -31.02 and a beta of 1.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. The stock’s 50 day moving average price is $37.15 and its two-hundred day moving average price is $38.46.

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

Analysts Set New Price Targets

Several research firms recently weighed in on DKNG. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Monday, September 23rd. Morgan Stanley boosted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. JMP Securities reissued a “market outperform” rating and issued a $51.00 target price on shares of DraftKings in a research note on Monday, October 14th. Finally, Mizuho raised their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on 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 owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s 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 $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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated 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 sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,132,095 shares of company stock worth $42,890,328. Insiders own 51.19% of the company’s stock.

DraftKings 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.