Ballentine Partners LLC Has $297,000 Stake in DraftKings Inc. (NASDAQ:DKNG)

Ballentine Partners LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 15.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,589 shares of the company’s stock after buying an additional 1,035 shares during the quarter. Ballentine Partners LLC’s holdings in DraftKings were worth $297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Global Retirement Partners LLC grew its holdings in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares during the last quarter. Hexagon Capital Partners LLC increased its position in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after acquiring an additional 286 shares during the period. Sfmg LLC raised its stake in DraftKings by 3.9% during the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after purchasing an additional 306 shares during the last quarter. Brown Lisle Cummings Inc. raised its stake in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after purchasing an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC boosted its holdings in DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after purchasing an additional 329 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research reports. Bank of America reduced their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a report on Tuesday, September 10th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $51.00 target price on shares of DraftKings in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $50.22.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was 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 owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,220,536 shares of company stock worth $46,110,465 over the last ninety days. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Up 0.2 %

Shares of NASDAQ DKNG opened at $36.56 on Tuesday. The firm’s 50-day simple moving average is $37.29 and its 200 day simple moving average is $38.23. The company has a market cap of $31.78 billion, a price-to-earnings ratio of -30.98 and a beta of 1.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 12-month low of $26.35 and a 12-month high of $49.57.

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 firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the business earned ($0.17) EPS. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, research analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

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.