Orion Portfolio Solutions LLC Acquires 4,116 Shares of DraftKings Inc. (NASDAQ:DKNG)

Orion Portfolio Solutions LLC grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 60.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,954 shares of the company’s stock after acquiring an additional 4,116 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in DraftKings were worth $429,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. EP Wealth Advisors LLC grew its stake in DraftKings by 17.7% in the 3rd quarter. EP Wealth Advisors LLC now owns 10,221 shares of the company’s stock worth $401,000 after buying an additional 1,537 shares in the last quarter. Kovitz Investment Group Partners LLC grew its position in DraftKings by 366.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 27,180 shares of the company’s stock worth $1,065,000 after acquiring an additional 21,355 shares in the last quarter. Sora Investors LLC bought a new position in DraftKings in the third quarter valued at $1,983,000. Stifel Financial Corp increased its stake in DraftKings by 27.7% in the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after acquiring an additional 42,431 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in DraftKings by 34.2% during the third quarter. Quantinno Capital Management LP now owns 16,886 shares of the company’s stock valued at $662,000 after purchasing an additional 4,302 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG opened at $38.75 on Thursday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a market cap of $34.12 billion, a price-to-earnings ratio of -44.03 and a beta of 1.87. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a fifty day simple moving average of $40.17 and a two-hundred day simple moving average of $38.03.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share 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 analysts’ expectations of $1.12 billion. Research analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 963,742 shares of company stock worth $39,668,077. 48.94% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Susquehanna increased their price objective on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Morgan Stanley lifted their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, JMP Securities boosted their price target on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

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.