Acorn Financial Advisory Services Inc. ADV Sells 10,035 Shares of DraftKings Inc. (NASDAQ:DKNG)

Acorn Financial Advisory Services Inc. ADV reduced its position in DraftKings Inc. (NASDAQ:DKNG) by 21.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,378 shares of the company’s stock after selling 10,035 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in DraftKings were worth $1,465,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC grew its holdings in DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in DraftKings in the second quarter worth $1,530,000. Romano Brothers AND Company purchased a new stake in shares of DraftKings during the third quarter valued at $1,181,000. US Bancorp DE grew its holdings in shares of DraftKings by 110.2% during the third quarter. US Bancorp DE now owns 859,715 shares of the company’s stock valued at $33,701,000 after buying an additional 450,773 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after buying an additional 31,880 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

NASDAQ DKNG traded up $1.15 during trading hours on Friday, hitting $40.13. 30,274,855 shares of the company’s stock traded hands, compared to its average volume of 10,357,750. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a market capitalization of $35.26 billion, a PE ratio of -45.09 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s 50-day moving average is $37.55 and its 200-day moving average is $37.95.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Equities analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday. Mizuho boosted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Macquarie reaffirmed an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a report on Monday, August 26th. Finally, UBS Group upped their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Corporate insiders own 48.94% of the company’s stock.

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.