Atria Wealth Solutions Inc. Sells 1,800 Shares of DraftKings Inc. (NASDAQ:DKNG)

Atria Wealth Solutions Inc. decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 7.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,797 shares of the company’s stock after selling 1,800 shares during the period. Atria Wealth Solutions Inc.’s holdings in DraftKings were worth $248,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in DraftKings by 6.5% in the 3rd quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock worth $524,322,000 after purchasing an additional 2,121,342 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its stake in DraftKings by 6.1% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 13,991,943 shares of the company’s stock worth $159,368,000 after purchasing an additional 798,877 shares in the last quarter. Geode Capital Management LLC lifted its stake in DraftKings by 3.2% during the 1st quarter. Geode Capital Management LLC now owns 5,962,037 shares of the company’s stock valued at $115,425,000 after acquiring an additional 184,476 shares during the period. Two Sigma Investments LP bought a new position in DraftKings during the 1st quarter valued at about $102,351,000. Finally, Two Sigma Advisers LP lifted its stake in DraftKings by 299.7% during the 1st quarter. Two Sigma Advisers LP now owns 3,013,378 shares of the company’s stock valued at $58,339,000 after acquiring an additional 2,259,398 shares during the period. Institutional investors own 32.84% of the company’s stock.

DraftKings Stock Up 0.7 %

NASDAQ DKNG opened at $31.25 on Tuesday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.23. The company has a fifty day moving average of $29.97 and a two-hundred day moving average of $24.92. The firm has a market capitalization of $26.78 billion, a price-to-earnings ratio of -12.16 and a beta of 1.82. DraftKings Inc. has a 52 week low of $10.69 and a 52 week high of $34.49.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 3rd. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.07. DraftKings had a negative return on equity of 97.42% and a negative net margin of 38.90%. The business had revenue of $874.93 million during the quarter, compared to the consensus estimate of $762.25 million. On average, analysts predict that DraftKings Inc. will post -1.61 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on DKNG. Wells Fargo & Company upgraded shares of DraftKings from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $28.00 to $37.00 in a research note on Monday, August 7th. Barclays upped their target price on shares of DraftKings from $30.00 to $32.00 in a research note on Thursday, September 7th. Deutsche Bank Aktiengesellschaft upped their price target on shares of DraftKings from $24.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, August 7th. Morgan Stanley upped their price target on shares of DraftKings from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, August 8th. Finally, Argus upped their price target on shares of DraftKings from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, August 10th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.20.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 29,086 shares of DraftKings stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total transaction of $872,580.00. Following the completion of the sale, the insider now directly owns 648,773 shares in the company, valued at $19,463,190. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider R Stanton Dodge sold 29,086 shares of DraftKings stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $30.00, for a total value of $872,580.00. Following the completion of the sale, the insider now directly owns 648,773 shares in the company, valued at $19,463,190. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total value of $90,360.00. Following the completion of the sale, the chief accounting officer now owns 25,070 shares of the company’s stock, valued at $755,108.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 947,536 shares of company stock worth $29,232,213. 51.19% of the stock is currently owned by insiders.

DraftKings Profile

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.