Moors & Cabot Inc. Buys 1,075 Shares of DraftKings Inc. (NASDAQ:DKNG)

Moors & Cabot Inc. grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,530 shares of the company’s stock after purchasing an additional 1,075 shares during the period. Moors & Cabot Inc.’s holdings in DraftKings were worth $1,051,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Transcendent Capital Group LLC acquired a new stake in DraftKings in the 4th quarter worth $26,000. LRI Investments LLC acquired a new stake in DraftKings in the 1st quarter worth $31,000. LifeSteps Financial Inc. acquired a new stake in DraftKings in the 1st quarter worth $33,000. Concord Wealth Partners grew its position in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Alta Advisers Ltd acquired a new stake in DraftKings in the 2nd quarter worth $38,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on DKNG shares. Bank of America reduced their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Berenberg Bank raised shares of DraftKings to a “hold” rating in a report on Friday, May 31st. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Guggenheim reduced their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, BMO Capital Markets reduced their price objective on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.78.

DraftKings Trading Down 2.3 %

DKNG opened at $38.07 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $33.09 billion, a PE ratio of -32.26 and a beta of 1.80. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The firm has a 50-day moving average price of $35.35 and a two-hundred day moving average price of $39.50.

DraftKings (NASDAQ:DKNG) last issued 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 net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company earned ($0.17) EPS. DraftKings’s revenue was up 26.2% on a year-over-year basis. As a group, equities analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on 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 completion of the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on 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 completion of the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock worth $44,784,070 in the last quarter. 51.19% of the stock is owned by company insiders.

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.