55,536 DraftKings Inc. $DKNG Shares Sold by Brighton Jones LLC

Brighton Jones LLC lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 50.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,914 shares of the company’s stock after selling 55,536 shares during the period. Brighton Jones LLC’s holdings in DraftKings were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Kornitzer Capital Management Inc. KS boosted its stake in DraftKings by 0.4% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 176,620 shares of the company’s stock worth $3,356,000 after acquiring an additional 691 shares during the last quarter. Integrity Advisory Solutions LLC raised its holdings in DraftKings by 8.2% in the third quarter. Integrity Advisory Solutions LLC now owns 10,571 shares of the company’s stock worth $201,000 after purchasing an additional 803 shares during the period. CoreCap Advisors LLC boosted its position in shares of DraftKings by 336.5% during the second quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares in the last quarter. Englebert Financial Advisers LLC boosted its position in shares of DraftKings by 1.3% during the third quarter. Englebert Financial Advisers LLC now owns 68,237 shares of the company’s stock worth $1,297,000 after purchasing an additional 897 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of DraftKings by 9.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 13,744 shares of the company’s stock worth $347,000 after purchasing an additional 1,139 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Up 1.4%

DKNG stock opened at $19.64 on Thursday. The company has a current ratio of 0.99, a quick ratio of 1.02 and a debt-to-equity ratio of 12.21. The firm has a market capitalization of $9.79 billion, a PE ratio of -24.55, a PEG ratio of 2.54 and a beta of 1.65. DraftKings Inc. has a 1-year low of $16.55 and a 1-year high of $36.98. The business’s 50 day simple moving average is $21.20 and its 200 day simple moving average is $23.88.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 5th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.12). DraftKings had a negative net margin of 5.91% and a negative return on equity of 43.92%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the company posted ($0.26) EPS. DraftKings’s revenue for the quarter was up 16.2% compared to the same quarter last year. As a group, research analysts anticipate that DraftKings Inc. will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings cut DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a research note on Friday, August 21st. Citigroup dropped their price target on DraftKings from $28.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday. Guggenheim dropped their price target on DraftKings from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday. Needham & Company LLC cut their price objective on DraftKings from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Monday. Finally, Sanford C. Bernstein decreased their price objective on DraftKings from $27.00 to $22.00 and set an “outperform” rating for the company in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.61.

Recent DraftKings Headlines

These are some of the DKNG headlines that stood out recently:

• Negative Sentiment: Several firms cut DraftKings’ ratings or price targets after its latest results and outlook reset. JPMorgan lowered its rating, while Bernstein, Barclays, TD Cowen, Truist, BTIG and Canaccord issued target cuts or more cautious forecasts, signaling diminished confidence in near-term earnings prospects. JPMorgan rating change
• Negative Sentiment: The main concern is the expense and uncertain economics of DraftKings’ Predictions business. An investigation by Levi & Korsinsky questions whether SEC filings adequately disclosed the investment’s costs before the company cited a $650 million to $700 million commitment. The inquiry is an allegation, not a finding of wrongdoing. Levi & Korsinsky investigation notice
• Negative Sentiment: Rosen Law Firm also announced an investigation into potential securities claims, alleging DraftKings may have provided materially misleading business information. The announcement creates a legal overhang but does not establish that the claims have merit. Rosen Law Firm investigation notice

Insider Activity

In other DraftKings news, Director Jocelyn Moore sold 10,759 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the transaction, the director owned 1,881 shares in the company, valued at $45,238.05. This represents a 85.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alan Ellingson bought 18,908 shares of the stock in a transaction dated Monday, November 9th. The shares were acquired at an average cost of $18.51 per share, for a total transaction of $349,987.08. Following the completion of the acquisition, the chief financial officer directly owned 214,692 shares of the company’s stock, valued at approximately $3,973,948.92. This trade represents a 9.66% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 47.18% of the stock is owned by insiders.

About DraftKings

DraftKings Inc. is a digital sports and entertainment company founded in 2012. It began as a daily fantasy sports platform and has since expanded into online sports betting and gaming. The company offers daily fantasy contests, a sportsbook and online casino products, including games such as slots and table games. Its services are available in a range of U.S. jurisdictions and in Ontario, Canada, where permitted by local regulations. DraftKings is headquartered in Boston, Massachusetts. Co-founder Jason Robins serves as the company’s chief executive officer.