DraftKings Inc. $DKNG Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC cut its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 266,872 shares of the company’s stock after selling 33,471 shares during the quarter. Corient Private Wealth LLC owned approximately 0.05% of DraftKings worth $9,196,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Integrated Wealth Concepts LLC grew its stake in DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after acquiring an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares during the period. Empowered Funds LLC lifted its stake in shares of DraftKings by 18.0% during the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after purchasing an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of DraftKings during the second quarter worth $603,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after purchasing an additional 968 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Down 2.5%

Shares of DKNG stock opened at $24.53 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The firm’s 50 day moving average price is $25.04 and its two-hundred day moving average price is $27.17. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 408.83 and a beta of 1.66.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.DraftKings’s revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS. On average, analysts anticipate that DraftKings Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 97,596 shares of company stock valued at $2,756,991. 47.18% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on DKNG shares. Stephens started coverage on DraftKings in a research note on Friday, April 24th. They issued an “overweight” rating for the company. Wells Fargo & Company reiterated an “overweight” rating and set a $32.00 target price on shares of DraftKings in a research report on Sunday, May 10th. Freedom Capital raised DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Scotiabank upgraded DraftKings to an “outperform” rating in a report on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $34.21.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.