Jaffetilchin Investment Partners LLC Cuts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Jaffetilchin Investment Partners LLC lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,989 shares of the company’s stock after selling 788 shares during the quarter. Jaffetilchin Investment Partners LLC’s holdings in DraftKings were worth $1,044,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Winthrop Advisory Group LLC boosted its stake in shares of DraftKings by 2.4% during the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after buying an additional 244 shares during the period. ST Germain D J Co. Inc. boosted its stake in shares of DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after buying an additional 250 shares during the period. Sfmg LLC boosted its stake in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after buying an additional 306 shares during the period. Fifth Third Bancorp boosted its stake in shares of DraftKings by 8.3% during the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after buying an additional 331 shares during the period. Finally, Stratos Wealth Advisors LLC boosted its stake in shares of DraftKings by 3.8% during the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after buying an additional 381 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, May 6th. The Goldman Sachs Group initiated coverage on shares of DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 price target for the company. Oppenheimer cut their price target on shares of DraftKings from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Monday, July 1st. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Wednesday, July 24th. Finally, Guggenheim cut their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.60.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the completion of the transaction, the insider now directly owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock worth $55,279,617 in the last quarter. 51.19% of the stock is owned by insiders.

DraftKings Trading Down 4.0 %

NASDAQ DKNG traded down $1.46 during mid-day trading on Thursday, reaching $35.49. 14,711,947 shares of the stock were exchanged, compared to its average volume of 10,809,353. DraftKings Inc. has a 1-year low of $25.41 and a 1-year high of $49.57. The business’s fifty day simple moving average is $38.02 and its 200 day simple moving average is $40.98. The stock has a market capitalization of $30.85 billion, a PE ratio of -31.69 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.87) EPS. On average, research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

DraftKings 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.