Kingsview Wealth Management LLC Sells 853 Shares of DraftKings Inc. (NASDAQ:DKNG)

Kingsview Wealth Management LLC cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,205 shares of the company’s stock after selling 853 shares during the period. Kingsview Wealth Management LLC’s holdings in DraftKings were worth $518,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. LRI Investments LLC acquired a new stake in shares of DraftKings during the first quarter valued at about $33,000. Alta Advisers Ltd bought a new position in DraftKings in the 2nd quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings during the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings during the 2nd quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC acquired a new position in DraftKings in the 3rd quarter valued at approximately $46,000. 37.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Wells Fargo & Company upped their price target on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. UBS Group lifted their price objective on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Truist Financial reissued a “buy” rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.04.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 735,246 shares of company stock worth $29,902,158. Insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.1 %

Shares of DraftKings stock opened at $43.03 on Thursday. The stock has a fifty day moving average price of $39.20 and a 200-day moving average price of $37.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

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

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.