Atria Wealth Solutions Inc. Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Atria Wealth Solutions Inc. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.6% in the first quarter, HoldingsChannel.com reports. The fund owned 21,797 shares of the company’s stock after selling 1,800 shares during the period. Atria Wealth Solutions Inc.’s holdings in DraftKings were worth $248,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. CNB Bank boosted its holdings in DraftKings by 5.9% during the 1st quarter. CNB Bank now owns 9,060 shares of the company’s stock valued at $175,000 after acquiring an additional 501 shares during the period. Prudential Financial Inc. raised its position in DraftKings by 3.9% in the 2nd quarter. Prudential Financial Inc. now owns 15,733 shares of the company’s stock valued at $215,000 after purchasing an additional 584 shares in the last quarter. Baystate Wealth Management LLC raised its position in DraftKings by 18.7% in the 1st quarter. Baystate Wealth Management LLC now owns 3,911 shares of the company’s stock valued at $76,000 after purchasing an additional 617 shares in the last quarter. Cetera Advisors LLC raised its position in DraftKings by 0.3% in the 4th quarter. Cetera Advisors LLC now owns 192,384 shares of the company’s stock valued at $2,191,000 after purchasing an additional 644 shares in the last quarter. Finally, Capital Impact Advisors LLC raised its position in DraftKings by 17.5% in the 4th quarter. Capital Impact Advisors LLC now owns 4,556 shares of the company’s stock valued at $52,000 after purchasing an additional 678 shares in the last quarter. 32.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 29,086 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total transaction of $872,580.00. Following the sale, the insider now directly owns 648,773 shares in the company, valued at $19,463,190. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Matthew Kalish sold 311,207 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $34.30, for a total value of $10,674,400.10. Following the completion of the transaction, the insider now directly owns 2,788,200 shares of the company’s stock, valued at $95,635,260. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 29,086 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total value of $872,580.00. Following the completion of the transaction, the insider now directly owns 648,773 shares of the company’s stock, valued at $19,463,190. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 947,536 shares of company stock worth $29,232,213. 51.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DKNG shares. Roth Mkm increased their price target on DraftKings from $20.00 to $23.00 and gave the company a “sell” rating in a research report on Monday, August 7th. Oppenheimer raised their target price on DraftKings from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. BTIG Research raised their target price on DraftKings from $34.00 to $39.00 in a research report on Friday, August 4th. Argus raised their target price on DraftKings from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th. Finally, Susquehanna raised their target price on DraftKings from $39.00 to $40.00 in a research report on Monday, August 7th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.20.

DraftKings Stock Up 0.7 %

DraftKings stock opened at $31.25 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.60 and a quick ratio of 1.60. DraftKings Inc. has a 1-year low of $10.69 and a 1-year high of $34.49. The company has a market cap of $26.78 billion, a PE ratio of -12.16 and a beta of 1.82. The stock’s 50 day moving average price is $29.97 and its 200 day moving average price is $24.92.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07. The firm had revenue of $874.93 million for the quarter, compared to the consensus estimate of $762.25 million. DraftKings had a negative return on equity of 97.42% and a negative net margin of 38.90%. On average, sell-side analysts predict that DraftKings Inc. will post -1.61 EPS for the current fiscal year.

DraftKings 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.