DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 14,780 shares of the company’s stock after selling 1,646 shares during the period. Apollon Wealth Management LLC’s holdings in DraftKings were worth $579,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of DKNG. Marshall Wace LLP raised its holdings in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. raised its holdings in shares of DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after acquiring an additional 1,493,995 shares during the period. Blue Whale Capital LLP purchased a new stake in shares of DraftKings in the 2nd quarter valued at approximately $39,306,000. Kodai Capital Management LP acquired a new position in DraftKings in the 1st quarter worth approximately $41,276,000. Finally, AQR Capital Management LLC grew its position in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on DKNG shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Morgan Stanley upped their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a report on Tuesday, September 10th. Finally, Mizuho upped their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $50.85.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,020,536 shares of company stock valued at $39,966,465 over the last three months. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DraftKings stock opened at $39.84 on Friday. The company has a market cap of $35.00 billion, a PE ratio of -45.27 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company’s 50-day moving average is $38.35 and its two-hundred day moving average is $37.91.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Equities analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current 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.