Commonwealth Equity Services LLC Sells 17,772 Shares of DraftKings Inc. (NASDAQ:DKNG)

Commonwealth Equity Services LLC cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,751 shares of the company's stock after selling 17,772 shares during the period. Commonwealth Equity Services LLC's holdings in DraftKings were worth $6,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Atria Investments Inc purchased a new stake in shares of DraftKings in the 3rd quarter worth $215,000. OneDigital Investment Advisors LLC boosted its position in DraftKings by 28.9% during the third quarter. OneDigital Investment Advisors LLC now owns 9,886 shares of the company's stock worth $388,000 after purchasing an additional 2,216 shares in the last quarter. Empowered Funds LLC raised its position in shares of DraftKings by 12.3% during the 3rd quarter. Empowered Funds LLC now owns 6,839 shares of the company's stock worth $268,000 after purchasing an additional 750 shares during the last quarter. Natixis Advisors LLC raised its position in shares of DraftKings by 293.8% in the third quarter. Natixis Advisors LLC now owns 49,426 shares of the company's stock valued at $1,937,000 after buying an additional 36,874 shares during the last quarter. Finally, Prospera Financial Services Inc grew its holdings in DraftKings by 5.3% in the 3rd quarter. Prospera Financial Services Inc now owns 10,181 shares of the company's stock valued at $399,000 after buying an additional 509 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

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DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $1.27 during midday trading on Wednesday, hitting $37.68. 8,109,042 shares of the company's stock were exchanged, compared to its average volume of 9,571,496. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $18.46 billion, a PE ratio of -35.55, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company's 50 day moving average price is $42.16 and its 200 day moving average price is $40.37.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Liberman sold 200,000 shares of the firm's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % 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 52,777 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the transaction, the insider now owns 653,843 shares of the company's stock, valued at approximately $25,499,877. The trade was a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,663,966 shares of company stock worth $112,550,362 in the last three months. 51.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on DKNG. BTIG Research set a $59.00 price target on DraftKings in a research report on Monday, February 3rd. Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. Susquehanna decreased their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Barclays raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Finally, Needham & Company LLC set a $65.00 target price on DraftKings in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.44.

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.