Wedbush Securities Inc. Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Wedbush Securities Inc. lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 2.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Principal Securities Inc. purchased a new position in DraftKings in the fourth quarter worth $408,000. Teacher Retirement System of Texas grew its stake in DraftKings by 32.5% during the 4th quarter. Teacher Retirement System of Texas now owns 42,737 shares of the company’s stock worth $1,506,000 after buying an additional 10,493 shares during the last quarter. QRG Capital Management Inc. grew its stake in DraftKings by 1.6% during the 4th quarter. QRG Capital Management Inc. now owns 29,658 shares of the company’s stock worth $1,045,000 after buying an additional 465 shares during the last quarter. Avantax Advisory Services Inc. increased its position in DraftKings by 33.9% during the 4th quarter. Avantax Advisory Services Inc. now owns 21,663 shares of the company’s stock valued at $764,000 after buying an additional 5,481 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in DraftKings by 12.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 188,442 shares of the company’s stock valued at $6,070,000 after buying an additional 21,556 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $38.59 on Friday. The firm’s fifty day simple moving average is $35.25 and its two-hundred day simple moving average is $39.63. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The company has a market cap of $33.54 billion, a price-to-earnings ratio of -32.70 and a beta of 1.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company posted ($0.17) EPS. DraftKings’s quarterly revenue was up 26.2% compared to the same quarter last year. Equities analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction on Tuesday, June 25th. The stock was 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 in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’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 approximately $82,938,316.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,220,537 shares of company stock worth $44,784,070. 51.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DKNG shares. Barclays cut their price objective on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Benchmark upped their price target on shares of DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 price target on shares of DraftKings in a report on Wednesday. Oppenheimer dropped their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, Susquehanna raised their target price on DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average price target 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.