Ameritas Advisory Services LLC Acquires 655 Shares of DraftKings Inc. (NASDAQ:DKNG)

Ameritas Advisory Services LLC increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.9% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 23,414 shares of the company’s stock after buying an additional 655 shares during the quarter. Ameritas Advisory Services LLC’s holdings in DraftKings were worth $894,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of DKNG. Arkadios Wealth Advisors grew its position in DraftKings by 61.6% in the 2nd quarter. Arkadios Wealth Advisors now owns 13,935 shares of the company’s stock worth $532,000 after purchasing an additional 5,310 shares during the period. Encompass More Asset Management purchased a new position in shares of DraftKings in the 2nd quarter worth $227,000. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of DraftKings by 42.8% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 9,035 shares of the company’s stock worth $345,000 after acquiring an additional 2,708 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in DraftKings by 55.7% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 157,684 shares of the company’s stock valued at $6,019,000 after acquiring an additional 56,430 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC lifted its holdings in DraftKings by 35.9% in the second quarter. Signature Estate & Investment Advisors LLC now owns 6,607 shares of the company’s stock valued at $252,000 after acquiring an additional 1,745 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 668,890 shares of DraftKings 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 completion of the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Insiders have sold a total of 1,471,987 shares of company stock valued at $54,373,654 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.46 during mid-day trading on Thursday, reaching $33.89. The stock had a trading volume of 7,187,680 shares, compared to its average volume of 10,803,218. The business’s 50 day moving average price is $35.93 and its 200 day moving average price is $40.16. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The company has a market cap of $29.46 billion, a P/E ratio of -28.72 and a beta of 1.81. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51.

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DKNG. BMO Capital Markets cut their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. BTIG Research boosted their target price on shares of DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price target (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Finally, Morgan Stanley reduced their price objective on DraftKings from $51.00 to $47.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. One research 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’s stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus 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.