Creative Planning Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Creative Planning increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 64,286 shares of the company’s stock after acquiring an additional 11,511 shares during the period. Creative Planning’s holdings in DraftKings were worth $2,520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Sapient Capital LLC boosted its holdings in DraftKings by 2.4% in the 3rd quarter. Sapient Capital LLC now owns 19,256 shares of the company’s stock valued at $755,000 after purchasing an additional 453 shares in the last quarter. Stonekeep Investments LLC purchased a new stake in DraftKings in the 3rd quarter valued at approximately $232,000. CHICAGO TRUST Co NA purchased a new stake in DraftKings in the 3rd quarter valued at approximately $288,000. Retirement Planning Group LLC purchased a new stake in DraftKings in the 3rd quarter valued at approximately $686,000. Finally, Avondale Wealth Management boosted its holdings in DraftKings by 1.2% in the 3rd quarter. Avondale Wealth Management now owns 64,400 shares of the company’s stock valued at $2,524,000 after purchasing an additional 750 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 0.8 %

Shares of DKNG opened at $36.47 on Monday. The stock has a fifty day moving average of $37.24 and a two-hundred day moving average of $38.29. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $31.70 billion, a PE ratio of -30.91 and a beta of 1.81. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) EPS. As a group, analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the business’s 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 sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,220,536 shares of company stock valued at $46,110,465 in the last ninety days. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DKNG. Barclays lifted their price objective on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. UBS Group lifted their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Benchmark reiterated a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Finally, JMP Securities reiterated a “market outperform” rating and set a $51.00 price target on shares of DraftKings in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.22.

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.