Clear Perspective Advisors LLC Takes $368,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Clear Perspective Advisors LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the second quarter, according to its most recent filing with the SEC. The firm bought 7,053 shares of the company’s stock, valued at approximately $368,000.

Other large investors have also recently bought and sold shares of the company. Cherry Creek Investment Advisors Inc. acquired a new stake in shares of DraftKings during the 2nd quarter valued at about $640,000. Natixis lifted its holdings in DraftKings by 13.5% during the 2nd quarter. Natixis now owns 8,388 shares of the company’s stock valued at $438,000 after purchasing an additional 997 shares during the last quarter. Covington Capital Management lifted its holdings in DraftKings by 30.5% during the 2nd quarter. Covington Capital Management now owns 18,485 shares of the company’s stock valued at $964,000 after purchasing an additional 4,325 shares during the last quarter. APG Asset Management N.V. lifted its holdings in DraftKings by 148.0% during the 2nd quarter. APG Asset Management N.V. now owns 53,237 shares of the company’s stock valued at $2,342,000 after purchasing an additional 31,771 shares during the last quarter. Finally, Lincoln National Corp lifted its holdings in DraftKings by 39.2% during the 2nd quarter. Lincoln National Corp now owns 12,739 shares of the company’s stock valued at $665,000 after purchasing an additional 3,588 shares during the last quarter. Institutional investors and hedge funds own 61.91% of the company’s stock.

Several equities analysts recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of DraftKings in a report on Monday, August 9th. They set a “buy” rating and a $73.00 price target for the company. Benchmark lifted their price target on shares of DraftKings from $64.00 to $70.00 and gave the company a “buy” rating in a report on Monday, August 9th. Roth Capital began coverage on shares of DraftKings in a research note on Tuesday. They issued a “sell” rating and a $41.00 target price for the company. Morgan Stanley boosted their target price on shares of DraftKings from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, July 29th. Finally, Northland Securities boosted their target price on shares of DraftKings from $70.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, August 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, DraftKings has an average rating of “Buy” and a consensus price target of $68.05.

Shares of DraftKings stock traded up $1.03 on Thursday, hitting $50.85. The company had a trading volume of 143,995 shares, compared to its average volume of 12,794,751. The firm has a market capitalization of $20.51 billion, a P/E ratio of -15.10 and a beta of 2.10. DraftKings Inc. has a twelve month low of $34.90 and a twelve month high of $74.38. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.72 and a quick ratio of 4.72. The stock has a 50-day moving average of $54.68 and a 200-day moving average of $52.93.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, August 6th. The company reported ($0.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.61) by ($0.15). The company had revenue of $297.61 million during the quarter, compared to analyst estimates of $240.84 million. DraftKings had a negative net margin of 118.88% and a negative return on equity of 55.33%. Equities analysts predict that DraftKings Inc. will post -3.18 EPS for the current year.

In related news, insider R Stanton Dodge sold 50,589 shares of the company’s stock in a transaction dated Wednesday, September 29th. The shares were sold at an average price of $49.08, for a total value of $2,482,908.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Shalom Meckenzie sold 21,675 shares of the company’s stock in a transaction dated Friday, July 23rd. The shares were sold at an average price of $50.00, for a total transaction of $1,083,750.00. The disclosure for this sale can be found here. In the last three months, insiders sold 4,770,961 shares of company stock worth $262,063,658. 62.00% of the stock is currently owned by insiders.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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