Cambridge Investment Research Advisors Inc. Acquires 56,430 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cambridge Investment Research Advisors Inc. boosted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 55.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,684 shares of the company's stock after buying an additional 56,430 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in DraftKings were worth $6,019,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. RDA Financial Network bought a new position in DraftKings during the first quarter worth about $232,000. LRI Investments LLC acquired a new position in DraftKings during the first quarter valued at approximately $31,000. CreativeOne Wealth LLC acquired a new position in DraftKings during the first quarter valued at approximately $297,000. Janney Montgomery Scott LLC increased its stake in DraftKings by 135.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company's stock valued at $7,917,000 after purchasing an additional 129,294 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in DraftKings by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company's stock worth $2,045,000 after purchasing an additional 1,021 shares during the period. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG traded down $0.46 during mid-day trading on Thursday, reaching $33.89. The company's stock had a trading volume of 7,187,680 shares, compared to its average volume of 10,803,218. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a market cap of $29.46 billion, a P/E ratio of -28.72 and a beta of 1.81. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The business has a 50-day simple moving average of $35.93 and a two-hundred day simple moving average of $40.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The company's quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) EPS. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DKNG shares. UBS Group boosted their price target on shares of DraftKings from $56.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, May 15th. Wells Fargo & Company lowered their price target on DraftKings from $53.00 to $47.00 and set an "overweight" rating for the company in a report on Monday, August 5th. Barclays cut their price objective on DraftKings from $53.00 to $43.00 and set an "overweight" rating on the stock in a report on Monday, August 5th. Macquarie reissued an "outperform" rating and set a $50.00 target price on shares of DraftKings in a research note on Monday. Finally, BTIG Research upped their price target on shares of DraftKings from $53.00 to $55.00 and gave the company a "buy" rating in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $49.56.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now directly owns 6,814 shares of the company's stock, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Harry Sloan sold 250,000 shares of the business's stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company's stock, valued at $9,537,500. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the firm's stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the transaction, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,471,987 shares of company stock valued at $54,373,654. Company 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.