DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Wedbush Securities Inc.

Wedbush Securities Inc. trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 16,371 shares of the company’s stock after selling 453 shares during the period. Wedbush Securities Inc.’s holdings in DraftKings were worth $625,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Transcendent Capital Group LLC purchased a new position in shares of DraftKings during the 4th quarter worth $26,000. LRI Investments LLC acquired a new position in DraftKings in the first quarter valued at about $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings during the first quarter worth about $33,000. Concord Wealth Partners increased its position in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after acquiring an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after acquiring an additional 498 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of DraftKings 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 sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,220,537 shares of company stock worth $44,784,070. Company insiders own 51.19% of the company’s stock.

DraftKings Trading Up 0.4 %

Shares of DraftKings stock opened at $38.59 on Friday. The company’s fifty day moving average is $35.25 and its two-hundred day moving average is $39.63. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $33.54 billion, a P/E ratio of -32.70 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the business earned ($0.17) earnings per share. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. Analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DKNG shares. Bank of America lowered their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Barclays lowered their price target on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Berenberg Bank upgraded DraftKings to a “hold” rating in a report on Friday, May 31st. Morgan Stanley reissued an “overweight” rating and set a $47.00 target price on shares of DraftKings in a research note on Wednesday. Finally, Wells Fargo & Company dropped their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $49.78.

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.