B. Riley Wealth Advisors Inc. Sells 3,629 Shares of DraftKings Inc. (NASDAQ:DKNG)

B. Riley Wealth Advisors Inc. lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,599 shares of the company’s stock after selling 3,629 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in DraftKings were worth $824,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Transcendent Capital Group LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $26,000. LRI Investments LLC bought a new stake in shares of DraftKings during the 1st quarter worth approximately $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings during the 1st quarter valued at $33,000. Concord Wealth Partners grew its position in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares during the last quarter. Finally, Alta Advisers Ltd bought a new position in DraftKings in the 2nd quarter valued at $38,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

DKNG opened at $39.28 on Friday. The company has a market cap of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.81. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm’s 50-day moving average price is $35.82 and its 200-day moving average price is $39.26.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.17) earnings per share. As a group, equities analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company’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 value of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,195,301 shares of company stock worth $45,355,362 over the last three months. 51.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group boosted their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Stifel Nicolaus restated a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Macquarie reiterated an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a report on Monday, August 26th. The Goldman Sachs Group decreased their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $49.81.

DraftKings 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.