Tradition Wealth Management LLC Buys 1,500 Shares of DraftKings Inc. (NASDAQ:DKNG)

Tradition Wealth Management LLC grew its stake in DraftKings Inc. (NASDAQ:DKNGFree Report) by 128.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,664 shares of the company’s stock after purchasing an additional 1,500 shares during the period. Tradition Wealth Management LLC’s holdings in DraftKings were worth $94,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of DKNG. International Assets Investment Management LLC bought a new stake in shares of DraftKings during the 4th quarter worth approximately $7,975,000. Deutsche Bank AG lifted its stake in shares of DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after acquiring an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of DraftKings during the 3rd quarter worth approximately $209,000. Schonfeld Strategic Advisors LLC lifted its stake in shares of DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after acquiring an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after acquiring an additional 1,237 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DKNG. JMP Securities reissued a “market outperform” rating and set a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. The Goldman Sachs Group began coverage on DraftKings in a research report on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Tuesday, May 28th. Oppenheimer reaffirmed an “outperform” rating and set a $60.00 target price on shares of DraftKings in a research report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.24.

Read Our Latest Report on DraftKings

DraftKings Stock Down 1.9 %

DKNG traded down $0.69 on Friday, reaching $35.13. 13,213,223 shares of the stock were exchanged, compared to its average volume of 10,957,843. The company’s 50-day moving average price is $43.04 and its 200 day moving average price is $40.39. DraftKings Inc. has a fifty-two week low of $22.92 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the firm posted ($0.87) EPS. The business’s revenue was up 52.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the transaction, the insider now owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 600,000 shares of company stock valued at $25,434,000. 51.19% of the stock is owned by company insiders.

DraftKings Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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