Wedbush Securities Inc. decreased its position in DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 12.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,194 shares of the company’s stock after selling 2,508 shares during the quarter. Wedbush Securities Inc.’s holdings in DraftKings were worth $196,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of DKNG. Allworth Financial LP lifted its holdings in shares of DraftKings by 136.0% in the third quarter. Allworth Financial LP now owns 1,631 shares of the company’s stock valued at $25,000 after buying an additional 940 shares during the period. Armstrong Advisory Group Inc. acquired a new stake in shares of DraftKings during the fourth quarter worth $25,000. SJS Investment Consulting Inc. acquired a new stake in shares of DraftKings during the third quarter worth $26,000. Ellevest Inc. raised its position in shares of DraftKings by 1,005.5% during the third quarter. Ellevest Inc. now owns 2,012 shares of the company’s stock worth $30,000 after purchasing an additional 1,830 shares during the period. Finally, Baystate Wealth Management LLC raised its position in DraftKings by 229.4% during the fourth quarter. Baystate Wealth Management LLC now owns 3,294 shares of the company’s stock valued at $38,000 after buying an additional 2,294 shares during the period. Institutional investors and hedge funds own 30.60% of the company’s stock.
Insider Buying and Selling at DraftKings
In other news, CAO Erik Bradbury sold 18,975 shares of the business’s stock in a transaction on Friday, February 17th. The stock was sold at an average price of $20.69, for a total transaction of $392,592.75. Following the completion of the sale, the chief accounting officer now owns 25,721 shares in the company, valued at $532,167.49. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Erik Bradbury sold 18,975 shares of the business’s stock in a transaction on Friday, February 17th. The stock was sold at an average price of $20.69, for a total transaction of $392,592.75. Following the completion of the sale, the chief accounting officer now owns 25,721 shares in the company, valued at $532,167.49. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Jason Park sold 112,575 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $20.23, for a total value of $2,277,392.25. Following the sale, the chief financial officer now owns 786,539 shares of the company’s stock, valued at approximately $15,911,683.97. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,442,924 shares of company stock worth $27,070,786. 55.92% of the stock is currently owned by insiders.
DraftKings Stock Performance
DraftKings (NASDAQ:DKNG – Get Rating) last issued its quarterly earnings data on Thursday, February 16th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $855.00 million during the quarter, compared to the consensus estimate of $799.29 million. During the same quarter in the previous year, the company posted ($0.80) EPS. The business’s revenue for the quarter was up 80.8% compared to the same quarter last year. As a group, research analysts predict that DraftKings Inc. will post -2.06 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on DKNG. Roth Mkm downgraded DraftKings from a “neutral” rating to a “sell” rating and set a $15.00 price target for the company. in a research note on Thursday, February 9th. Wells Fargo & Company increased their price objective on DraftKings from $16.00 to $22.00 in a report on Monday, February 20th. Oppenheimer raised their target price on DraftKings from $23.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, February 21st. Benchmark reaffirmed a “buy” rating and issued a $23.00 target price on shares of DraftKings in a report on Tuesday, March 21st. Finally, BTIG Research raised their target price on DraftKings from $24.00 to $25.00 and gave the company a “buy” rating in a report on Monday, March 13th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $22.57.
DraftKings Company Profile
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.
Read More
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