B. Riley Wealth Advisors Inc. Decreases Holdings in DraftKings Inc. (NASDAQ:DKNG)

B. Riley Wealth Advisors Inc. decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 38.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,308 shares of the company’s stock after selling 8,291 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in DraftKings were worth $512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alta Advisers Ltd bought a new stake in shares of DraftKings in the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the 2nd quarter worth $39,000. Delos Wealth Advisors LLC bought a new stake in DraftKings in the third quarter worth $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings during the third quarter valued at about $46,000. Finally, Creative Financial Designs Inc. ADV grew its stake 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 buying an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock valued at $39,668,077 in the last 90 days. Corporate insiders own 48.94% of the company’s stock.

DraftKings Trading Up 1.7 %

Shares of NASDAQ DKNG opened at $39.40 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average of $40.20 and a 200 day moving average of $38.04. The stock has a market cap of $34.70 billion, a P/E ratio of -44.77 and a beta of 1.87.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Benchmark reissued a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Finally, Morgan Stanley raised their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $51.00.

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.