Nwam LLC Has $1.48 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Nwam LLC lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.3% during the third quarter, Holdings Channel.com reports. The fund owned 37,849 shares of the company’s stock after selling 1,293 shares during the period. Nwam LLC’s holdings in DraftKings were worth $1,484,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. LRI Investments LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $31,000. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the second quarter valued at about $39,000. St. Johns Investment Management Company LLC acquired a new stake in shares of DraftKings in the second quarter valued at about $46,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings during the third quarter worth approximately $46,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 823,687 shares of company stock worth $33,054,195 over the last three months. Insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on DKNG shares. The Goldman Sachs Group lowered their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Morgan Stanley boosted their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Mizuho boosted their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, TD Cowen boosted their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Stock Down 1.1 %

Shares of DKNG stock opened at $43.09 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a 50 day simple moving average of $38.92 and a 200 day simple moving average of $37.97. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Equities analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

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.