Kingsview Wealth Management LLC Sells 853 Shares of DraftKings Inc. (NASDAQ:DKNG)

Kingsview Wealth Management LLC cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,205 shares of the company’s stock after selling 853 shares during the period. Kingsview Wealth Management LLC’s holdings in DraftKings were worth $518,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DKNG. Global Retirement Partners LLC lifted its stake in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after purchasing an additional 273 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the period. Creative Financial Designs Inc. ADV grew its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. Brown Lisle Cummings Inc. increased its stake in DraftKings by 32.5% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after acquiring an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC raised its holdings in shares of 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 acquiring an additional 329 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $43.03 on Thursday. The business has a fifty day moving average price of $39.20 and a 200-day moving average price of $37.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its 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). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities analysts expect that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock worth $29,902,158 over the last three months. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. JMP Securities raised their price objective on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Susquehanna raised their price target on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. upped their price objective on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $51.04.

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.