Raymond James Trust N.A. Buys Shares of 6,372 DraftKings Inc. (NASDAQ:DKNG)

Raymond James Trust N.A. purchased a new position in DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,372 shares of the company’s stock, valued at approximately $250,000.

Several other large investors also recently modified their holdings of the company. LRI Investments LLC purchased a new position in DraftKings in the first quarter worth about $33,000. Alta Advisers Ltd purchased a new position in shares of DraftKings in the second quarter worth approximately $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings during the second quarter valued at approximately $39,000. V Square Quantitative Management LLC purchased a new stake in DraftKings during the third quarter valued at approximately $46,000. Finally, Creative Financial Designs Inc. ADV raised its position in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.03 on Thursday. The firm has a fifty day simple moving average of $39.20 and a two-hundred day simple moving average of $37.92. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $37.89 billion, a P/E ratio of -48.90 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other DraftKings news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction 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 stock in a transaction 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 completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on DKNG shares. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. Morgan Stanley boosted their price objective on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group reduced their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $51.04.

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.