Redwood Wealth Management Group LLC Takes $39,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,020 shares of the company’s stock, valued at approximately $39,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. RDA Financial Network purchased a new position in shares of DraftKings during the first quarter worth about $232,000. LRI Investments LLC acquired a new position in shares of DraftKings in the first quarter valued at approximately $31,000. CreativeOne Wealth LLC purchased a new stake in shares of DraftKings during the first quarter worth approximately $297,000. Janney Montgomery Scott LLC lifted its holdings in shares of DraftKings by 135.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock worth $7,917,000 after purchasing an additional 129,294 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in DraftKings by 1.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock valued at $2,045,000 after buying an additional 1,021 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on DKNG. Benchmark raised their target price on shares of DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Berenberg Bank upgraded DraftKings to a “hold” rating in a research report on Friday, May 31st. Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Oppenheimer dropped their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Finally, Barclays reduced their target price on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.78.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $37.80 on Monday. The company has a 50-day simple moving average of $35.27 and a 200-day simple moving average of $39.58. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $32.86 billion, a PE ratio of -32.03 and a beta of 1.80. DraftKings Inc. has a 12 month low of $25.73 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) 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 net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the company earned ($0.17) EPS. DraftKings’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,220,537 shares of company stock worth $44,784,070. 51.19% of the stock is owned by company insiders.

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.