9,935 Shares in DraftKings Inc. $DKNG Purchased by LWM Advisory Services LLC

Key Points

• LWM Advisory Services LLC acquired a new stake in DraftKings, purchasing 9,935 shares valued at approximately $330,000.
• DraftKings reported earnings of $0.30 per share, significantly exceeding analyst expectations, with revenue of $1.51 billion for the latest quarter.
• Insider transactions revealed significant sales, including 105,554 shares sold by insider R Stanton Dodge, representing a 17.43% decrease in their holding.

LWM Advisory Services LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 9,935 shares of the company's stock, valued at approximately $330,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. 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% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after acquiring an additional 217 shares during the period. Snowden Capital Advisors LLC raised its holdings in DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after acquiring an additional 296 shares during the period. Obermeyer Wealth Partners raised its holdings in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after acquiring an additional 297 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Trading Up 1.7%

Shares of NASDAQ:DKNG traded up $0.76 during mid-day trading on Monday, reaching $45.70. 11,725,568 shares of the company's stock were exchanged, compared to its average volume of 9,914,486. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The business's fifty day moving average price is $42.39 and its 200-day moving average price is $39.46. The firm has a market capitalization of $40.65 billion, a price-to-earnings ratio of -70.31, a PEG ratio of 1.07 and a beta of 1.70. 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 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 business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the firm earned $0.12 earnings per share. DraftKings's quarterly revenue was up 36.9% on a year-over-year basis. On average, research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DKNG. TD Securities lowered their price target on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. BTIG Research lowered their target price on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus lowered their target price on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. JMP Securities lowered their target price on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a report on Thursday, June 5th. Finally, Truist Financial raised their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $54.50.

Insider Activity

In related news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the transaction, the insider owned 4,190,233 shares of the company's stock, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the sale, the director directly owned 1,461 shares of the company's stock, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 645,938 shares of company stock worth $26,823,776 over the last ninety days. Corporate 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.