RMR Wealth Builders Sells 1,698 Shares of DraftKings Inc. (NASDAQ:DKNG)

RMR Wealth Builders trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 21.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,076 shares of the company’s stock after selling 1,698 shares during the period. RMR Wealth Builders’ holdings in DraftKings were worth $226,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Delos Wealth Advisors LLC acquired a new position in DraftKings during the 3rd quarter valued at approximately $43,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $46,000. Creative Financial Designs Inc. ADV increased its position in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares during the period. Eastern Bank purchased a new position in DraftKings in the 3rd quarter worth $59,000. Finally, Quarry LP acquired a new stake in DraftKings during the 2nd quarter worth about $87,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,052,183 shares of company stock valued at $41,303,025. Corporate insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. BMO Capital Markets reissued an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. JMP Securities dropped their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Finally, Mizuho upped their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $51.08.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $39.68 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The firm has a market capitalization of $34.94 billion, a PE ratio of -45.09, a P/E/G ratio of 2.99 and a beta of 1.90. The business’s 50 day moving average price is $40.65 and its 200-day moving average price is $37.94.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) 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 analyst estimates of $1.12 billion. As a group, equities research analysts expect that DraftKings Inc. will post -0.83 earnings per share for the current fiscal year.

About DraftKings

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.