Atria Investments Inc Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

Atria Investments Inc acquired a new position in DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,474 shares of the company’s stock, valued at approximately $215,000.

Several other institutional investors also recently bought and sold shares of the company. LRI Investments LLC bought a new position in shares of DraftKings during the 1st quarter worth $31,000. Alta Advisers Ltd bought a new position in DraftKings during the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings during the 2nd quarter valued at about $39,000. St. Johns Investment Management Company LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at about $46,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at about $46,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Down 1.1 %

Shares of DKNG stock opened at $43.09 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The firm has a market capitalization of $37.95 billion, a PE ratio of -48.97 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day simple moving average is $38.92 and its 200-day simple moving average is $37.93.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 823,687 shares of company stock worth $33,054,195 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on DKNG shares. Susquehanna increased their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Oppenheimer cut their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

DraftKings 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.