Summit Financial LLC Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Summit Financial LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 39.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 111,153 shares of the company’s stock after selling 72,118 shares during the period. Summit Financial LLC’s holdings in DraftKings were worth $4,135,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pine Valley Investments Ltd Liability Co lifted its position in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after acquiring an additional 249 shares in the last quarter. Claro Advisors LLC lifted its position in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares in the last quarter. Allworth Financial LP boosted its stake in shares of DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares during the period. Westside Investment Management Inc. grew its holdings in DraftKings by 0.6% during the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Nvwm LLC increased its stake in DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after buying an additional 312 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DKNG stock opened at $33.21 on Tuesday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a market capitalization of $16.60 billion, a price-to-earnings ratio of -31.33, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The business has a 50 day simple moving average of $41.89 and a 200 day simple moving average of $40.32.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Argus set a $60.00 price objective on DraftKings in a research note on Tuesday, February 18th. Wells Fargo & Company lifted their price objective on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.42.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares of the company’s stock, valued at $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is owned by corporate insiders.

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.