Apollon Wealth Management LLC Sells 1,646 Shares of DraftKings Inc. (NASDAQ:DKNG)

Apollon Wealth Management LLC lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,780 shares of the company’s stock after selling 1,646 shares during the period. Apollon Wealth Management LLC’s holdings in DraftKings were worth $579,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. LRI Investments LLC bought a new position in DraftKings in the first quarter valued at approximately $31,000. Alta Advisers Ltd bought a new stake in DraftKings in the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings in the 2nd quarter worth $39,000. St. Johns Investment Management Company LLC bought a new position in DraftKings during the 2nd quarter worth about $46,000. Finally, V Square Quantitative Management LLC acquired a new stake in shares of DraftKings in the 3rd quarter valued at about $46,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on DKNG shares. Truist Financial reiterated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Barclays raised their price target on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Susquehanna boosted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Mizuho raised their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, JMP Securities lifted their price target on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $50.85.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 82.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock worth $39,966,465 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $39.84 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11. The business has a fifty day simple moving average of $38.35 and a 200 day simple moving average of $37.91. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a market capitalization of $35.00 billion, a PE ratio of -45.27 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Research analysts expect that DraftKings Inc. will post -0.73 EPS for the current year.

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.