Creative Planning raised its holdings in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 81,990 shares of the company’s stock after acquiring an additional 3,773 shares during the period. Creative Planning’s holdings in DraftKings were worth $2,178,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the business. Barrett & Company Inc. acquired a new position in DraftKings in the 1st quarter worth $32,000. AJ Wealth Strategies LLC bought a new position in DraftKings in the second quarter valued at $313,000. WealthPLAN Partners LLC bought a new position in DraftKings in the first quarter valued at $45,000. Carnegie Capital Asset Management LLC lifted its position in DraftKings by 4.0% during the 1st quarter. Carnegie Capital Asset Management LLC now owns 632,186 shares of the company’s stock worth $12,239,000 after buying an additional 24,561 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its holdings in shares of DraftKings by 11.4% in the 1st quarter. Maryland State Retirement & Pension System now owns 27,986 shares of the company’s stock valued at $542,000 after acquiring an additional 2,871 shares in the last quarter. 32.84% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, insider Jason Robins sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $27.00, for a total value of $6,750,000.00. Following the sale, the insider now directly owns 3,788,962 shares in the company, valued at approximately $102,301,974. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Jason Robins sold 250,000 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $27.00, for a total value of $6,750,000.00. Following the completion of the transaction, the insider now directly owns 3,788,962 shares in the company, valued at approximately $102,301,974. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 23,691 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $30.00, for a total value of $710,730.00. Following the sale, the insider now directly owns 648,773 shares in the company, valued at approximately $19,463,190. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 733,428 shares of company stock valued at $22,783,280. 55.92% of the stock is currently owned by corporate insiders.
DraftKings Stock Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.07. DraftKings had a negative return on equity of 97.42% and a negative net margin of 38.90%. The company had revenue of $874.93 million for the quarter, compared to analyst estimates of $762.25 million. As a group, research analysts predict that DraftKings Inc. will post -1.62 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. Guggenheim lowered their price target on DraftKings from $38.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, October 4th. Benchmark reiterated a “buy” rating and issued a $37.00 price target on shares of DraftKings in a research note on Tuesday, September 26th. Wells Fargo & Company upgraded shares of DraftKings from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $28.00 to $37.00 in a research note on Monday, August 7th. Morgan Stanley upped their target price on shares of DraftKings from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, August 8th. Finally, Oppenheimer lifted their price target on DraftKings from $36.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.73.
Get Our Latest Stock Analysis on DraftKings
About DraftKings
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.
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