Cetera Investment Advisers Sells 70,952 Shares of DraftKings Inc. $DKNG

Key Points

• Cetera Investment Advisers reduced its DraftKings position by 21.5%, selling 70,952 shares and retaining 258,485 shares valued at approximately $5.59 million.
• DraftKings insiders sold 97,596 shares worth about $2.76 million during the last quarter, while institutional investors own 37.70% and company insiders own 47.18% of the stock.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $34.37. DraftKings reported $1.65 billion in quarterly revenue, up 16.8% year over year, but missed EPS expectations.

Cetera Investment Advisers lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 258,485 shares of the company's stock after selling 70,952 shares during the period. Cetera Investment Advisers owned about 0.05% of DraftKings worth $5,588,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ascentis Independent Advisors bought a new position in DraftKings during the 1st quarter worth about $27,000. Montag A & Associates Inc. increased its position in DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company's stock valued at $38,000 after purchasing an additional 500 shares during the period. SHP Wealth Management bought a new stake in shares of DraftKings in the 4th quarter valued at about $42,000. Root Financial Partners LLC raised its holdings in shares of DraftKings by 208.0% in the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company's stock valued at $60,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of DraftKings in the 3rd quarter worth approximately $62,000. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DraftKings

In related news, Director Woodrow Levin sold 34,234 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director directly owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 62,500 shares of the business's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 97,596 shares of company stock valued at $2,756,991. Company insiders own 47.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on DKNG. Mizuho increased their price objective on shares of DraftKings from $44.00 to $45.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Wedbush began coverage on shares of DraftKings in a research note on Friday, April 24th. They issued an "outperform" rating for the company. Northland Securities set a $27.00 target price on DraftKings in a report on Monday, May 11th. Truist Financial dropped their target price on DraftKings from $30.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday, July 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on DraftKings from $26.00 to $28.00 and gave the stock a "hold" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and an average price target of $34.37.

DraftKings Stock Performance

NASDAQ DKNG opened at $23.48 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm has a market cap of $11.65 billion, a PE ratio of 391.33 and a beta of 1.65. The company has a 50 day moving average price of $25.53 and a 200 day moving average price of $25.29. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the previous year, the company earned ($0.07) EPS. The company's revenue was up 16.8% on a year-over-year basis. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.54 EPS for the current fiscal year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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