United Capital Financial Advisers LLC Cuts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Posted by Defense World Staff on Mar 9th, 2023

United Capital Financial Advisers LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 25.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,316 shares of the company’s stock after selling 3,506 shares during the quarter. United Capital Financial Advisers LLC’s holdings in DraftKings were worth $156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of DKNG. Quent Capital LLC raised its stake in DraftKings by 136.9% during the 2nd quarter. Quent Capital LLC now owns 2,132 shares of the company’s stock valued at $25,000 after buying an additional 1,232 shares during the last quarter. Allworth Financial LP boosted its position in DraftKings by 136.0% in the third quarter. Allworth Financial LP now owns 1,631 shares of the company’s stock worth $25,000 after purchasing an additional 940 shares during the last quarter. SJS Investment Consulting Inc. purchased a new position in DraftKings in the third quarter worth about $26,000. Ellevest Inc. increased its position in shares of DraftKings by 1,005.5% during the 3rd quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock valued at $30,000 after purchasing an additional 1,830 shares during the last quarter. Finally, Mine & Arao Wealth Creation & Management LLC. lifted its stake in shares of DraftKings by 146.6% in the 2nd quarter. Mine & Arao Wealth Creation & Management LLC. now owns 2,860 shares of the company’s stock worth $33,000 after purchasing an additional 1,700 shares during the period. 30.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Craig Hallum upped their target price on shares of DraftKings from $21.00 to $27.00 and gave the company a “buy” rating in a report on Friday, February 17th. Wells Fargo & Company raised their price objective on DraftKings from $16.00 to $22.00 in a research note on Monday, February 20th. Morgan Stanley increased their target price on shares of DraftKings from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, February 22nd. Roth Mkm cut shares of DraftKings from a “neutral” rating to a “sell” rating and set a $15.00 target price on the stock. in a research note on Thursday, February 9th. Finally, JPMorgan Chase & Co. lowered shares of DraftKings from a “neutral” rating to an “underweight” rating and set a $12.00 price target for the company. in a research report on Monday, November 28th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Hold” and an average price target of $22.43.

Insider Buying and Selling

In related news, insider Matthew Kalish sold 275,025 shares of the company’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $19.42, for a total transaction of $5,340,985.50. Following the transaction, the insider now directly owns 3,671,914 shares in the company, valued at approximately $71,308,569.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Paul Liberman sold 278,634 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $18.78, for a total transaction of $5,232,746.52. Following the completion of the sale, the insider now directly owns 1,942,020 shares of the company’s stock, valued at approximately $36,471,135.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew Kalish sold 275,025 shares of the company’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $19.42, for a total value of $5,340,985.50. Following the completion of the transaction, the insider now directly owns 3,671,914 shares in the company, valued at approximately $71,308,569.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 862,220 shares of company stock valued at $16,578,604. Company insiders own 55.92% of the company’s stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $19.58 on Thursday. The stock has a market cap of $16.54 billion, a price-to-earnings ratio of -6.18 and a beta of 1.81. The stock has a 50 day moving average price of $15.82 and a 200-day moving average price of $15.19. DraftKings Inc. has a one year low of $9.77 and a one year high of $21.62.

DraftKings (NASDAQ:DKNG – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.10. DraftKings had a negative return on equity of 87.08% and a negative net margin of 61.51%. The company had revenue of $855.00 million during the quarter, compared to the consensus estimate of $799.29 million. During the same period last year, the company earned ($0.80) earnings per share. DraftKings’s revenue was up 80.8% on a year-over-year basis. Sell-side analysts predict that DraftKings Inc. will post -2.07 earnings per share for the current fiscal year.

DraftKings Profile

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.