DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by TrueWealth Advisors LLC

TrueWealth Advisors LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,163 shares of the company’s stock after buying an additional 577 shares during the quarter. TrueWealth Advisors LLC’s holdings in DraftKings were worth $320,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Private Advisor Group LLC boosted its holdings in shares of DraftKings by 40.4% during the first quarter. Private Advisor Group LLC now owns 116,240 shares of the company’s stock worth $5,278,000 after purchasing an additional 33,462 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in DraftKings in the first quarter valued at $205,000. Janney Montgomery Scott LLC boosted its holdings in DraftKings by 4.8% in the first quarter. Janney Montgomery Scott LLC now owns 235,305 shares of the company’s stock valued at $10,685,000 after acquiring an additional 10,698 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in DraftKings by 2.0% in the first quarter. Daiwa Securities Group Inc. now owns 35,960 shares of the company’s stock valued at $1,633,000 after acquiring an additional 697 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its holdings in DraftKings by 773.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 20,433 shares of the company’s stock valued at $928,000 after acquiring an additional 18,094 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded up $0.37 during midday trading on Friday, hitting $35.69. 5,484,027 shares of the company’s stock were exchanged, compared to its average volume of 6,916,943. 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 stock’s 50 day moving average price is $37.33 and its 200-day moving average price is $38.04. DraftKings Inc. has a twelve month low of $27.67 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced 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 firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company earned ($0.17) earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, equities analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,536 shares of company stock valued at $46,110,465 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Monday, September 23rd. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Finally, Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.22.

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.