Mount Yale Investment Advisors LLC Purchases 4,118 Shares of DraftKings Inc. (NASDAQ:DKNG)

Mount Yale Investment Advisors LLC boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 39.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,591 shares of the company’s stock after purchasing an additional 4,118 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in DraftKings were worth $557,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new position in DraftKings in the first quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings during the 1st quarter valued at $33,000. Transcendent Capital Group LLC bought a new stake in shares of DraftKings during the 4th quarter valued at $26,000. Concord Wealth Partners boosted its position in shares of DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in shares of DraftKings by 117.5% in 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. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on DKNG. Guggenheim reduced their target price on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. BMO Capital Markets decreased their price objective on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. BNP Paribas raised shares of 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. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Monday. Finally, Barclays lowered their price objective on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.78.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the 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 completion of the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Insiders sold a total of 551,647 shares of company stock worth $18,811,071 over the last quarter. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Performance

DKNG opened at $39.63 on Tuesday. The business’s 50-day simple moving average is $35.43 and its 200 day simple moving average is $39.40. DraftKings Inc. has a 52-week low of $25.73 and a 52-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 firm has a market capitalization of $34.45 billion, a PE ratio of -33.58 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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. 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 for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the business posted ($0.17) EPS. The business’s revenue was up 26.2% compared to the same quarter last year. As a group, sell-side analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

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.