Concurrent Investment Advisors LLC Buys 727 Shares of DraftKings Inc. (NASDAQ:DKNG)

Concurrent Investment Advisors LLC grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 5.0% in the third quarter, HoldingsChannel reports. The fund owned 15,297 shares of the company’s stock after acquiring an additional 727 shares during the period. Concurrent Investment Advisors LLC’s holdings in DraftKings were worth $600,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. LRI Investments LLC acquired a new stake in shares of DraftKings in the first quarter valued at approximately $31,000. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new stake in shares of DraftKings during the second quarter worth $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings during the second quarter valued at $46,000. Finally, V Square Quantitative Management LLC bought a new position in DraftKings in the third quarter valued at about $46,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,020,536 shares of company stock worth $39,966,465. Insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on DKNG shares. Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Oppenheimer reduced their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Friday. Macquarie restated an “outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Monday, August 26th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $51.00 price objective on shares of DraftKings in a report on Monday, October 14th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Stock Up 3.0 %

Shares of DraftKings stock opened at $40.13 on Friday. The firm has a market cap of $35.26 billion, a PE ratio of -45.09 and a beta of 1.82. The business’s 50 day simple moving average is $37.66 and its 200 day simple moving average is $37.95. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. On average, analysts predict that DraftKings Inc. will post -0.31 earnings per share 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.