4,714 Shares in DraftKings Inc. $DKNG Bought by Financial Gravity Companies Inc.

Financial Gravity Companies Inc. acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,714 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. TD Private Client Wealth LLC increased its stake in shares of DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares in the last quarter. Bank of Jackson Hole Trust bought a new stake in DraftKings during the first quarter worth about $31,000. Summit Securities Group LLC grew its holdings in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the period. Atlantic Union Bankshares Corp bought a new position in shares of DraftKings during the second quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of DraftKings during the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $29.58 on Friday. The firm’s 50-day moving average price is $36.16 and its 200-day moving average price is $39.33. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The company has a market cap of $14.72 billion, a PE ratio of -51.89, a PEG ratio of 0.99 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.10 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.60) EPS. As a group, analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director owned 402 shares in the company, valued at $18,459.84. This represents a 99.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Westin Wendt acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the acquisition, the director owned 10,000 shares of the company’s stock, valued at $302,700. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 340,612 shares of company stock valued at $14,115,817. 51.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. BTIG Research dropped their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. JMP Securities dropped their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a report on Wednesday, October 1st. UBS Group reduced their price target on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Finally, Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Twenty-six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $48.38.

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.