Fortis Group Advisors LLC Sells 30,166 Shares of DraftKings Inc. (NASDAQ:DKNG)

Fortis Group Advisors LLC trimmed its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 33.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,175 shares of the company's stock after selling 30,166 shares during the period. Fortis Group Advisors LLC's holdings in DraftKings were worth $2,259,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. RDA Financial Network purchased a new stake in DraftKings in the first quarter valued at approximately $232,000. LRI Investments LLC purchased a new position in shares of DraftKings in the 1st quarter worth $31,000. CreativeOne Wealth LLC purchased a new position in shares of DraftKings in the 1st quarter worth $297,000. Janney Montgomery Scott LLC boosted its holdings 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 acquiring an additional 129,294 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in DraftKings by 1.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company's stock valued at $2,045,000 after acquiring an additional 1,021 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now directly owns 205,962 shares in the company, valued at $7,997,504.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Harry Sloan sold 250,000 shares of the 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 sale, the director now owns 250,000 shares of the company's stock, valued at approximately $9,537,500. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 668,890 shares of the business's stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares of the company's stock, valued at $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold a total of 1,471,987 shares of company stock worth $54,373,654 over the last quarter. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

Shares of DKNG traded up $0.61 during mid-day trading on Friday, hitting $34.50. The stock had a trading volume of 7,568,781 shares, compared to its average volume of 10,783,948. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a market cap of $29.99 billion, a PE ratio of -29.24 and a beta of 1.81. The company's fifty day simple moving average is $35.59 and its two-hundred day simple moving average is $40.04.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DKNG shares. Truist Financial reaffirmed a "buy" rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Stifel Nicolaus reaffirmed a "buy" rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. UBS Group raised their target price on shares of DraftKings from $56.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, May 15th. Guggenheim decreased their price target on shares of DraftKings from $53.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday, June 26th. Finally, BTIG Research increased their target price on DraftKings from $53.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, May 6th. One 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 stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus price target of $49.56.

DraftKings 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.