Delap Wealth Advisory LLC Acquires 3,089 Shares of DraftKings Inc. (NASDAQ:DKNG)

Delap Wealth Advisory LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 35.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,857 shares of the company’s stock after purchasing an additional 3,089 shares during the quarter. Delap Wealth Advisory LLC’s holdings in DraftKings were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. RDA Financial Network bought a new stake in DraftKings in the first quarter valued at $232,000. LRI Investments LLC acquired a new position in DraftKings in the first quarter valued at about $31,000. CreativeOne Wealth LLC acquired a new position in DraftKings in the first quarter valued at about $297,000. PNC Financial Services Group Inc. grew its stake in DraftKings by 1.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after buying an additional 1,021 shares during the last quarter. Finally, Park Avenue Securities LLC increased its holdings in shares of DraftKings by 11.0% during the second quarter. Park Avenue Securities LLC now owns 19,546 shares of the company’s stock worth $746,000 after buying an additional 1,943 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

DKNG opened at $39.28 on Friday. The stock has a market cap of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.80. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a fifty day simple moving average of $35.42 and a 200 day simple moving average of $39.44.

DraftKings (NASDAQ:DKNG) last announced 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. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company earned ($0.17) earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, research analysts expect that DraftKings Inc. will post -0.31 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on DKNG shares. BMO Capital Markets decreased their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Stifel Nicolaus restated a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a research note on Tuesday, September 10th. UBS Group upped their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, The Goldman Sachs Group lowered their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $49.78.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other DraftKings news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,220,537 shares of company stock valued at $44,784,070. 51.19% of the stock is currently owned by corporate insiders.

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.