Claro Advisors LLC Sells 13,405 Shares of DraftKings Inc. (NASDAQ:DKNG)

Claro Advisors LLC lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 77.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,793 shares of the company’s stock after selling 13,405 shares during the period. Claro Advisors LLC’s holdings in DraftKings were worth $149,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. LRI Investments LLC bought a new position in DraftKings during the 1st quarter worth $31,000. Concord Wealth Partners boosted its holdings in shares of DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of DraftKings by 117.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares in the last quarter. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the 2nd quarter valued at $38,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the 2nd quarter valued at $39,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $38.46 on Monday. The stock has a 50-day moving average price of $36.78 and a 200-day moving average price of $38.60. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. 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 firm has a market cap of $33.43 billion, a PE ratio of -32.59 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share 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 firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company posted ($0.17) EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, equities research analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DKNG. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Mizuho raised their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday. Barclays raised their target price on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Wells Fargo & Company raised their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Bank of America cut their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.19.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,132,095 shares of company stock valued at $42,890,328. Corporate insiders own 51.19% of the company’s stock.

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.