Beck Bode LLC Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Beck Bode LLC lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 65.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,409 shares of the company’s stock after selling 33,684 shares during the quarter. Beck Bode LLC’s holdings in DraftKings were worth $664,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DKNG. Transcendent Capital Group LLC purchased a new position in DraftKings in the fourth quarter valued at about $26,000. LRI Investments LLC acquired a new position in DraftKings during the first quarter worth $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings during the first quarter worth $33,000. Concord Wealth Partners grew its holdings in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Alta Advisers Ltd purchased a new position in shares of DraftKings in the second quarter valued at $38,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG stock opened at $38.95 on Wednesday. The stock has a 50-day moving average price of $35.33 and a two-hundred day moving average price of $39.51. The company has a market cap of $33.86 billion, a PE ratio of -33.01 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on DKNG shares. Barclays lowered their price objective on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. BMO Capital Markets lowered their price target on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Guggenheim cut their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a report on Tuesday, September 10th. Finally, UBS Group boosted their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $49.78.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock valued at $44,784,070 over the last 90 days. Corporate insiders own 51.19% 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.