Private Advisor Group LLC Has $3.12 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Private Advisor Group LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 79,708 shares of the company’s stock after selling 2,543 shares during the quarter. Private Advisor Group LLC’s holdings in DraftKings were worth $3,124,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in DKNG. Eastern Bank bought a new position in shares of DraftKings in the third quarter worth about $59,000. Signaturefd LLC raised its position in DraftKings by 9.0% in the 3rd quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock worth $220,000 after purchasing an additional 464 shares during the last quarter. Foundations Investment Advisors LLC lifted its holdings in DraftKings by 14.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock worth $1,555,000 after buying an additional 4,870 shares in the last quarter. Venture Visionary Partners LLC boosted its position in DraftKings by 159.1% in the 3rd quarter. Venture Visionary Partners LLC now owns 110,330 shares of the company’s stock valued at $4,325,000 after buying an additional 67,740 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of DraftKings by 14.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,400,331 shares of the company’s stock valued at $94,093,000 after buying an additional 298,365 shares during the period. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several recent research reports. Barclays raised their price target on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 price target (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a report on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Finally, The Goldman Sachs Group cut their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average target price of $50.22.

DraftKings Trading Up 0.2 %

Shares of NASDAQ:DKNG opened at $36.56 on Tuesday. The company has a 50-day simple moving average of $37.29 and a 200 day simple moving average of $38.23. The company has a market capitalization of $31.78 billion, a P/E ratio of -30.98 and a beta of 1.81. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a 52-week low of $26.35 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company earned ($0.17) earnings per share. Sell-side analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred 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 sale, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,220,536 shares of company stock valued at $46,110,465. 51.19% of the stock is owned by 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.