Tsfg LLC Lowers Holdings in DraftKings Inc. (NASDAQ:DKNG)

Tsfg LLC reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,907 shares of the company’s stock after selling 290 shares during the period. Tsfg LLC’s holdings in DraftKings were worth $153,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at about $31,000. Concord Wealth Partners grew its stake in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares in the last quarter. Alta Advisers Ltd bought a new position in shares of DraftKings in the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings in the 2nd quarter worth about $39,000. Finally, Massmutual Trust Co. FSB ADV grew its position in DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after acquiring an additional 498 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,132,095 shares of company stock worth $42,890,328 in the last three months. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Up 0.6 %

DraftKings stock opened at $38.14 on Wednesday. The stock has a market cap of $33.15 billion, a PE ratio of -32.32 and a beta of 1.81. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day moving average of $36.34 and a 200 day moving average of $38.75. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.17) EPS. As a group, sell-side analysts predict that DraftKings Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on DKNG shares. JMP Securities reissued a “market outperform” rating and issued a $51.00 price target on shares of DraftKings in a research note on Monday. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. Guggenheim reduced their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Truist Financial reissued a “buy” rating and set a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.85.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.