Primoris Wealth Advisors LLC Buys 40,650 Shares of DraftKings Inc. $DKNG

Primoris Wealth Advisors LLC increased its position in DraftKings Inc. (NASDAQ:DKNG) by 845.1% during the 3rd quarter, Holdings Channel reports. The firm owned 45,460 shares of the company’s stock after acquiring an additional 40,650 shares during the quarter. Primoris Wealth Advisors LLC’s holdings in DraftKings were worth $1,700,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of DKNG. Integrated Wealth Concepts LLC raised its position in DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after purchasing an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after acquiring an additional 40,495 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after acquiring an additional 1,391 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in DraftKings by 4.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,530,232 shares of the company’s stock worth $50,819,000 after acquiring an additional 66,308 shares during the period. Finally, AG2R LA Mondiale Gestion D Actifs bought a new position in DraftKings during the 1st quarter worth about $684,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of DKNG opened at $34.96 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The firm has a market cap of $17.40 billion, a PE ratio of -61.33, a P/E/G ratio of 0.71 and a beta of 1.63. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The stock has a fifty day moving average price of $33.00 and a 200-day moving average price of $38.49.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned ($0.60) earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Harry Sloan bought 25,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average price of $30.30 per share, with a total value of $757,500.00. Following the transaction, the director owned 249,712 shares in the company, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the transaction, the insider owned 512,182 shares in the company, valued at $17,332,238.88. The trade was a 9.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 166,752 shares of company stock worth $5,387,153 over the last ninety days. Insiders own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DKNG. Mizuho reduced their price target on shares of DraftKings from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, November 13th. BTIG Research lifted their price objective on shares of DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 5th. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Susquehanna dropped their target price on DraftKings from $59.00 to $48.00 and set a “positive” rating on the stock in a research report on Monday, November 10th. Finally, Barclays cut their price target on DraftKings from $54.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Twenty-five research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $47.07.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.