7,764 Shares in DraftKings Inc. (NASDAQ:DKNG) Acquired by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 7,764 shares of the company’s stock, valued at approximately $304,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC boosted its stake in DraftKings by 24.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,975 shares of the company’s stock valued at $1,259,000 after purchasing an additional 6,425 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in DraftKings by 1.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 71,906 shares of the company’s stock valued at $2,745,000 after purchasing an additional 1,100 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in DraftKings by 4.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 358,118 shares of the company’s stock valued at $13,669,000 after purchasing an additional 14,023 shares in the last quarter. Fifth Third Bancorp boosted its stake in DraftKings by 93.5% during the 2nd quarter. Fifth Third Bancorp now owns 1,790 shares of the company’s stock valued at $68,000 after purchasing an additional 865 shares in the last quarter. Finally, Traynor Capital Management Inc. boosted its stake in DraftKings by 4.0% during the 2nd quarter. Traynor Capital Management Inc. now owns 13,947 shares of the company’s stock valued at $532,000 after purchasing an additional 530 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DKNG. BMO Capital Markets reissued an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. Macquarie raised their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

DraftKings Stock Up 3.8 %

DKNG stock opened at $40.72 on Wednesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a market cap of $35.86 billion, a PE ratio of -46.27 and a beta of 1.87. The business’s 50-day simple moving average is $40.16 and its 200 day simple moving average is $38.03. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last released 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 return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. On average, research analysts anticipate that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value 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. This represents a 82.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 963,742 shares of company stock worth $39,668,077. Company insiders own 48.94% of the company’s stock.

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.