DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 24.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,760 shares of the company’s stock after selling 2,490 shares during the period. Arete Wealth Advisors LLC’s holdings in DraftKings were worth $304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Alta Advisers Ltd purchased a new stake in DraftKings during the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC purchased a new stake in DraftKings during the 2nd quarter worth about $39,000. Delos Wealth Advisors LLC purchased a new stake in DraftKings during the 3rd quarter worth about $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings during the 3rd quarter worth about $46,000. Finally, Creative Financial Designs Inc. ADV lifted its holdings in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value 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 $5,662,581.92. This trade represents a 82.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 963,742 shares of company stock worth $39,668,077. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DKNG. Mizuho lifted their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Morgan Stanley boosted their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. JMP Securities boosted their target price on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. Finally, UBS Group boosted their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

DraftKings Stock Performance

NASDAQ DKNG opened at $39.88 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The business’s 50 day moving average is $40.07 and its two-hundred day moving average is $37.94. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The stock has a market capitalization of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its earnings results 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 return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

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.