Meridian Wealth Management LLC Decreases Stock Position in DraftKings Inc. $DKNG

Meridian Wealth Management LLC cut its position in DraftKings Inc. (NASDAQ:DKNG) by 92.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,337 shares of the company’s stock after selling 115,650 shares during the quarter. Meridian Wealth Management LLC’s holdings in DraftKings were worth $400,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. TD Private Client Wealth LLC raised its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the period. Bank of Jackson Hole Trust purchased a new position in shares of DraftKings in the first quarter worth about $31,000. Summit Securities Group LLC increased its stake in shares of 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 in the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of DraftKings in the second quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of DraftKings during the 2nd quarter valued at approximately $48,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on DKNG. Northland Securities upgraded shares of DraftKings from an “under perform” rating to a “market perform” rating in a research note on Monday, November 10th. Citigroup reduced their price target on DraftKings from $56.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, November 10th. JMP Securities decreased their price objective on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Guggenheim cut their target price on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $46.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, November 10th. Twenty-six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.38.

DraftKings Price Performance

NASDAQ:DKNG opened at $28.82 on Tuesday. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The stock has a fifty day moving average of $35.81 and a 200 day moving average of $39.34. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The firm has a market capitalization of $14.35 billion, a price-to-earnings ratio of -50.56, a P/E/G ratio of 0.99 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The business’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.60) EPS. On average, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Harry Sloan bought 25,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the transaction, the director directly owned 249,712 shares in the company, valued at $7,566,273.60. This trade represents a 11.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the completion of the transaction, the insider directly owned 500,454 shares of the company’s stock, valued at approximately $14,513,166. This represents a 9.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 295,919 shares of company stock valued at $12,109,102 over the last three months. Corporate insiders own 47.08% of the company’s stock.

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.