Atria Wealth Solutions Inc. Has $653,000 Holdings in DraftKings Inc. (NASDAQ:DKNG)

Atria Wealth Solutions Inc. decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 44.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,650 shares of the company's stock after selling 15,592 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in DraftKings were worth $653,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in DKNG. Beacon Pointe Advisors LLC boosted its stake in shares of DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after buying an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after acquiring an additional 217 shares in the last quarter. Snowden Capital Advisors LLC boosted its position in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after purchasing an additional 296 shares during the last quarter. Obermeyer Wealth Partners boosted its position in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after purchasing an additional 297 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after purchasing an additional 317 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the stock a "hold" rating in a research note on Friday. Guggenheim cut their price target on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Morgan Stanley reissued an "overweight" rating and issued a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Sanford C. Bernstein began coverage on shares of DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price on the stock. Finally, Barclays reiterated an "overweight" rating and issued a $54.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Two analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.50.

DraftKings Trading Up 0.9%

DKNG stock opened at $43.10 on Wednesday. DraftKings Inc. has a 52 week low of $29.29 and a 52 week high of $53.61. The company has a market capitalization of $38.33 billion, a PE ratio of -66.31, a price-to-earnings-growth ratio of 1.24 and a beta of 1.70. The company's 50-day simple moving average is $41.84 and its 200 day simple moving average is $39.44. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the business posted $0.12 EPS. The business's revenue was up 36.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director owned 5,947 shares of the company's stock, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares of the company's stock, valued at $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 642,181 shares of company stock worth $26,615,625 in the last quarter. Insiders own 47.08% of the company's stock.

About DraftKings

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.

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