National Bank of Canada FI Sells 13,087 Shares of DraftKings Inc. (NASDAQ:DKNG)

National Bank of Canada FI lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 45.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,742 shares of the company’s stock after selling 13,087 shares during the quarter. National Bank of Canada FI’s holdings in DraftKings were worth $587,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. RDA Financial Network purchased a new stake in shares of DraftKings during the 1st quarter valued at $232,000. LRI Investments LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at $31,000. CreativeOne Wealth LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at $297,000. Janney Montgomery Scott LLC lifted its holdings in shares of DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after purchasing an additional 129,294 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of DraftKings by 1.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock valued at $2,045,000 after purchasing an additional 1,021 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Macquarie restated an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th. The Goldman Sachs Group reduced their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Morgan Stanley restated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research note on Wednesday. Susquehanna raised their target price on DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research note on Wednesday, September 4th. Finally, Bank of America reduced their target price on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.78.

Insider Buying and Selling

In related news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares in the company, valued at $7,997,504.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,220,537 shares of company stock worth $44,784,070. Insiders own 51.19% of the company’s stock.

DraftKings Trading Down 2.0 %

DKNG stock opened at $37.80 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The stock has a market cap of $32.86 billion, a price-to-earnings ratio of -32.03 and a beta of 1.80. The business’s 50-day moving average is $35.27 and its 200 day moving average is $39.61.

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

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.