CWA Asset Management Group LLC Acquires New Holdings in DraftKings Inc. (NASDAQ:DKNG)

CWA Asset Management Group LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,068 shares of the company’s stock, valued at approximately $355,000.

Other large investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its holdings in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after buying an additional 128,676 shares during the last quarter. Sanctuary Advisors LLC bought a new position in DraftKings in the 2nd quarter valued at approximately $1,530,000. Romano Brothers AND Company bought a new position in DraftKings in the 3rd quarter valued at approximately $1,181,000. US Bancorp DE raised its holdings in DraftKings by 110.2% in the 3rd quarter. US Bancorp DE now owns 859,715 shares of the company’s stock valued at $33,701,000 after buying an additional 450,773 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in DraftKings by 63.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after buying an additional 31,880 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several analyst reports. TD Cowen raised their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group lowered their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a report on Tuesday, September 10th. Finally, Susquehanna raised their price target on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.64.

Insider Transactions at DraftKings

In other news, 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 transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, 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 transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock worth $39,966,465 in the last ninety days. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

DKNG opened at $41.71 on Wednesday. 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 capitalization of $36.64 billion, a price-to-earnings ratio of -48.18 and a beta of 1.82. The firm’s fifty day moving average price is $37.83 and its two-hundred day moving average price is $37.92. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. As a group, analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal 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.