RMR Wealth Builders Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

RMR Wealth Builders reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 21.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,076 shares of the company’s stock after selling 1,698 shares during the period. RMR Wealth Builders’ holdings in DraftKings were worth $226,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Alta Advisers Ltd purchased a new position in DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings during the 2nd quarter worth approximately $39,000. Delos Wealth Advisors LLC purchased a new position in DraftKings during the 3rd quarter worth approximately $43,000. V Square Quantitative Management LLC purchased a new position in DraftKings during the 3rd quarter worth approximately $46,000. Finally, Creative Financial Designs Inc. ADV raised its position in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 51.19% of the stock is currently owned by insiders.

DraftKings Trading Up 3.0 %

Shares of DKNG opened at $39.49 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm’s fifty day moving average is $40.49 and its two-hundred day moving average is $37.90. The stock has a market cap of $34.78 billion, a PE ratio of -44.87 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Research analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on DKNG shares. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Morgan Stanley raised their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.08.

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.