Fortis Group Advisors LLC Has $421,000 Stake in DraftKings Inc. (NASDAQ:DKNG)

Fortis Group Advisors LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 81.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,729 shares of the company’s stock after selling 48,446 shares during the quarter. Fortis Group Advisors LLC’s holdings in DraftKings were worth $421,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LRI Investments LLC acquired a new position in shares of DraftKings during the first quarter valued at about $31,000. Concord Wealth Partners boosted its stake in DraftKings by 140.2% during the 1st 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. Alta Advisers Ltd bought a new stake in DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of DraftKings in the second quarter worth approximately $39,000. Finally, St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings in the second quarter worth approximately $46,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. Wells Fargo & Company upped their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Guggenheim reduced their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Benchmark reissued a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Finally, UBS Group increased their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.19.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s 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 sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s 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 in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,132,095 shares of company stock valued at $42,890,328. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.01 during trading on Tuesday, hitting $37.15. 828,872 shares of the company were exchanged, compared to its average volume of 10,351,628. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The stock has a 50 day moving average of $36.93 and a 200 day moving average of $38.54. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $32.29 billion, a PE ratio of -31.49 and a beta of 1.81.

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

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.