B. Riley Wealth Advisors Inc. Cuts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

B. Riley Wealth Advisors Inc. decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,599 shares of the company’s stock after selling 3,629 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in DraftKings were worth $824,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in shares of DraftKings during the fourth quarter valued at $26,000. LRI Investments LLC purchased a new position in DraftKings in the first quarter worth about $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings in the first quarter worth approximately $33,000. Concord Wealth Partners grew its holdings in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. Finally, Alta Advisers Ltd bought a new stake in shares of DraftKings during the second quarter valued at approximately $38,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. Oppenheimer cut their target price on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Wells Fargo & Company reduced their price objective on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Susquehanna upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research note on Wednesday, September 4th. Finally, Bank of America dropped their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.81.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents 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 through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,195,301 shares of company stock worth $45,355,362. 51.19% of the stock is owned by insiders.

DraftKings Stock Up 3.4 %

Shares of DKNG stock opened at $39.28 on Friday. The company has a market capitalization of $34.14 billion, a price-to-earnings ratio of -33.29 and a beta of 1.81. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company’s fifty day moving average price is $35.82 and its 200-day moving average price is $39.26. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its 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 firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. Sell-side analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

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.