DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Summit Financial LLC

Summit Financial LLC lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 198.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 178,913 shares of the company's stock after purchasing an additional 118,962 shares during the quarter. Summit Financial LLC's holdings in DraftKings were worth $6,829,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. LRI Investments LLC purchased a new position in shares of DraftKings during the first quarter worth approximately $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings in the 1st quarter worth $33,000. Transcendent Capital Group LLC bought a new stake in DraftKings in the fourth quarter worth $26,000. Concord Wealth Partners boosted its position in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company's stock valued at $35,000 after buying an additional 453 shares during the period. Finally, Montag A & Associates Inc. bought a new position in shares of DraftKings during the fourth quarter valued at about $29,000. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of DraftKings 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 completion of the transaction, the director now directly owns 6,814 shares of the company's stock, valued at $244,758.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jocelyn Moore sold 1,450 shares of the company's stock in a transaction on 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 of the company's stock, valued at $244,758.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,471,987 shares of company stock valued at $54,373,654. 51.19% of the stock is owned by insiders.

DraftKings Stock Up 1.8 %

Shares of DKNG traded up $0.61 during mid-day trading on Friday, reaching $34.50. The company had a trading volume of 7,568,781 shares, compared to its average volume of 10,558,181. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $30.31 billion, a price-to-earnings ratio of -29.24 and a beta of 1.81. The firm has a 50-day moving average price of $35.59 and a 200 day moving average price of $40.04. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the company posted ($0.17) earnings per share. The company's revenue for the quarter was up 26.2% compared to the same quarter last year. On average, sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on DKNG. Macquarie restated an "outperform" rating and set a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Truist Financial reissued a "buy" rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Barclays decreased their target price on shares of DraftKings from $53.00 to $43.00 and set an "overweight" rating on the stock in a research note on Monday, August 5th. Stifel Nicolaus reissued a "buy" rating and set a $48.00 price target (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Finally, BMO Capital Markets decreased their price objective on shares of DraftKings from $54.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.56.

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.