Independent Advisor Alliance Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Independent Advisor Alliance lowered its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,188 shares of the company’s stock after selling 1,222 shares during the quarter. Independent Advisor Alliance’s holdings in DraftKings were worth $752,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. LRI Investments LLC purchased a new position in DraftKings during the first quarter worth approximately $33,000. Alta Advisers Ltd purchased a new position in shares of DraftKings in the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings in the second quarter valued at approximately $39,000. St. Johns Investment Management Company LLC purchased a new position in shares of DraftKings in the second quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of DraftKings in the third quarter valued at approximately $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. TD Cowen raised their target price on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Mizuho raised their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company increased their price target on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.04.

DraftKings Trading Down 0.1 %

Shares of NASDAQ DKNG opened at $43.03 on Thursday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a fifty day simple moving average of $39.20 and a 200-day simple moving average of $37.92. The stock has a market capitalization of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 735,246 shares of company stock worth $29,902,158. Company insiders own 51.19% of the company’s stock.

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.