Transcend Capital Advisors LLC Lowers Position in DraftKings Inc. (NASDAQ:DKNG)

Transcend Capital Advisors LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,483 shares of the company’s stock after selling 260 shares during the period. Transcend Capital Advisors LLC’s holdings in DraftKings were worth $353,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings in the fourth quarter worth $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the fourth quarter worth $30,000. Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings in the third quarter worth $43,000. Creative Financial Designs Inc. ADV raised its position in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares in the last quarter. Finally, YANKCOM Partnership purchased a new stake in shares of DraftKings in the fourth quarter worth $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 7.8 %

NASDAQ DKNG opened at $45.57 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $22.33 billion, a PE ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The business’s 50-day moving average is $41.41 and its 200 day moving average is $39.40.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,160,591 shares of company stock worth $46,945,158 over the last three months. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Cowen reissued a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Canaccord Genuity Group increased their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.26.

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.