Transcend Capital Advisors LLC Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Transcend Capital Advisors LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 9,483 shares of the company’s stock after selling 260 shares during the period. Transcend Capital Advisors LLC’s holdings in DraftKings were worth $353,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $30,000. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings during the third quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV increased its position in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares in the last quarter. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $48,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Down 7.8 %

Shares of DKNG stock opened at $45.57 on Monday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm has a fifty day moving average price of $41.41 and a 200-day moving average price of $39.40. 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 company has a market cap of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,160,591 shares of company stock worth $46,945,158. 51.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DKNG. Barclays raised their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Wells Fargo & Company raised their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Macquarie raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Piper Sandler reissued an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.26.

DraftKings Company 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.