Pallas Capital Advisors LLC Sells 6,083 Shares of DraftKings Inc. (NASDAQ:DKNG)

Pallas Capital Advisors LLC lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 16.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,102 shares of the company’s stock after selling 6,083 shares during the quarter. Pallas Capital Advisors LLC’s holdings in DraftKings were worth $1,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of DKNG. Marshall Wace LLP lifted its stake in shares of DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in DraftKings by 1,048.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after acquiring an additional 1,723,819 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after purchasing an additional 1,493,995 shares during the last quarter. Blue Whale Capital LLP purchased a new position in shares of DraftKings in the second quarter worth $39,306,000. Finally, Kodai Capital Management LP bought a new position in shares of DraftKings during the first quarter valued at $41,276,000. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DKNG shares. Barclays lifted their price objective on DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Susquehanna boosted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

Insider Activity

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,220,536 shares of company stock worth $46,110,465 over the last 90 days. Corporate insiders own 48.94% of the company’s stock.

DraftKings Trading Up 0.6 %

Shares of DKNG stock opened at $36.77 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day simple moving average of $37.33 and a two-hundred day simple moving average of $38.18. The firm has a market capitalization of $32.30 billion, a PE ratio of -41.31 and a beta of 1.81. DraftKings Inc. has a 52-week low of $26.35 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the business posted ($0.17) earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. On average, analysts predict that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

DraftKings Profile

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.