Prospera Financial Services Inc Purchases 509 Shares of DraftKings Inc. (NASDAQ:DKNG)

Prospera Financial Services Inc lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,181 shares of the company’s stock after purchasing an additional 509 shares during the period. Prospera Financial Services Inc’s holdings in DraftKings were worth $399,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its stake in shares of DraftKings by 18.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 11,267 shares of the company’s stock worth $512,000 after buying an additional 1,776 shares during the last quarter. UniSuper Management Pty Ltd grew its stake in DraftKings by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 6,000 shares of the company’s stock valued at $272,000 after purchasing an additional 3,000 shares during the period. CreativeOne Wealth LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at $297,000. Advisors Asset Management Inc. raised its stake in shares of DraftKings by 34.3% during the 1st quarter. Advisors Asset Management Inc. now owns 21,013 shares of the company’s stock worth $954,000 after purchasing an additional 5,368 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of DraftKings in the 1st quarter worth about $31,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. JMP Securities lifted their price target on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday, November 11th. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. Finally, Morgan Stanley increased their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Stock Performance

Shares of DKNG opened at $43.09 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average price of $38.92 and a 200-day moving average price of $37.89. The company has a market cap of $37.95 billion, a PE ratio of -48.97 and a beta of 1.82. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, equities analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 735,246 shares of company stock worth $29,902,158. 51.19% of the stock is currently owned by insiders.

About DraftKings

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.