B. Riley Wealth Advisors Inc. Sells 8,692 Shares of DraftKings Inc. (NASDAQ:DKNG)

B. Riley Wealth Advisors Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,536 shares of the company’s stock after selling 8,692 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in DraftKings were worth $583,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Highlander Capital Management LLC lifted its position in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings in the 4th quarter valued at $29,000. FSC Wealth Advisors LLC purchased a new position in DraftKings in the 4th quarter worth $37,000. Finally, Householder Group Estate & Retirement Specialist LLC raised its position in DraftKings by 154.2% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after purchasing an additional 737 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several analyst reports. The Goldman Sachs Group began coverage on DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective on the stock. Benchmark lifted their price target on DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Susquehanna dropped their price objective on DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a research note on Wednesday, June 5th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday, May 6th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.00.

DraftKings Trading Down 2.3 %

Shares of NASDAQ DKNG opened at $41.99 on Friday. DraftKings Inc. has a 1 year low of $24.62 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a 50-day moving average of $41.11 and a 200 day moving average of $40.51. The stock has a market cap of $36.50 billion, a P/E ratio of -35.58 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business posted ($0.87) earnings per share. DraftKings’s revenue for the quarter was up 52.7% on a year-over-year basis. As a group, sell-side analysts expect that DraftKings Inc. will post -0.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the transaction, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 851,450 shares of company stock valued at $35,023,584. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Company Profile

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.