Steward Partners Investment Advisory LLC Has $856,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Steward Partners Investment Advisory LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 9.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,998 shares of the company’s stock after selling 2,517 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in DraftKings were worth $856,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of DKNG. Principal Financial Group Inc. grew its holdings in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. CWA Asset Management Group LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $355,000. Assetmark Inc. boosted its holdings in shares of DraftKings by 5.0% in the third quarter. Assetmark Inc. now owns 188,565 shares of the company’s stock valued at $7,392,000 after buying an additional 9,058 shares during the period. Atria Investments Inc acquired a new position in shares of DraftKings in the third quarter valued at approximately $215,000. Finally, XML Financial LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $202,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG opened at $37.24 on Tuesday. The firm has a market capitalization of $18.25 billion, a PE ratio of -35.13, a PEG ratio of 1.43 and a beta of 2.07. The company’s 50-day moving average is $42.06 and its 200-day moving average is $40.08. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,558,412 shares of company stock valued at $108,506,588 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on DKNG. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Truist Financial upped their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Morgan Stanley boosted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.44.

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.