Institute for Wealth Management LLC. Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Institute for Wealth Management LLC. increased its position in DraftKings Inc. (NASDAQ:DKNG) by 51.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,607 shares of the company’s stock after buying an additional 7,340 shares during the period. Institute for Wealth Management LLC.’s holdings in DraftKings were worth $825,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of DKNG. Transcendent Capital Group LLC bought a new position in shares of DraftKings during the fourth quarter worth $26,000. Montag A & Associates Inc. bought a new position in shares of DraftKings during the 4th quarter valued at about $29,000. LRI Investments LLC purchased a new position in shares of DraftKings during the first quarter valued at about $31,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings in the first quarter worth about $33,000. Finally, Concord Wealth Partners lifted its position in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after buying an additional 453 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 3.2 %

Shares of DKNG stock traded up $1.12 during trading hours on Friday, reaching $36.37. 7,270,673 shares of the company’s stock were exchanged, compared to its average volume of 10,906,435. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The stock’s 50 day moving average is $36.40 and its 200-day moving average is $40.33. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a market cap of $31.61 billion, a price-to-earnings ratio of -30.82 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 49.31%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business earned ($0.17) EPS. DraftKings’s revenue for the quarter was up 26.2% on a year-over-year basis. Analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,383,546 shares of company stock valued at $51,221,617. 51.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on DKNG. Morgan Stanley cut their price target on DraftKings from $51.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Bank of America cut their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Susquehanna reduced their price target on shares of DraftKings from $49.00 to $47.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. BMO Capital Markets lowered their price objective on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Macquarie dropped their price objective on shares of DraftKings from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.56.

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.