Pallas Capital Advisors LLC Sells 6,083 Shares of DraftKings Inc. (NASDAQ:DKNG)

Pallas Capital Advisors LLC cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 16.8% in the third quarter, Holdings Channel reports. The institutional investor owned 30,102 shares of the company’s stock after selling 6,083 shares during the period. Pallas Capital Advisors LLC’s holdings in DraftKings were worth $1,107,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in DraftKings by 0.8% in the third quarter. Nisa Investment Advisors LLC now owns 72,506 shares of the company’s stock worth $2,842,000 after purchasing an additional 600 shares during the period. Asahi Life Asset Management CO. LTD. bought a new position in shares of DraftKings in the third quarter worth about $359,000. Wealth Enhancement Advisory Services LLC increased its stake in DraftKings by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 34,757 shares of the company’s stock worth $1,362,000 after buying an additional 1,782 shares during the period. PFG Investments LLC lifted its holdings in DraftKings by 17.3% during the 3rd quarter. PFG Investments LLC now owns 34,250 shares of the company’s stock valued at $1,343,000 after buying an additional 5,050 shares in the last quarter. Finally, Forsta AP Fonden boosted its position in DraftKings by 15.8% in the 3rd quarter. Forsta AP Fonden now owns 97,500 shares of the company’s stock valued at $3,822,000 after buying an additional 13,300 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Wells Fargo & Company upped their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. increased their price target on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. UBS Group lifted their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of DraftKings in a report on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $50.22.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,220,536 shares of company stock worth $46,110,465. Insiders own 48.94% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $36.77 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s 50 day simple moving average is $37.33 and its 200-day simple moving average is $38.18. DraftKings Inc. has a 12 month low of $26.35 and a 12 month high of $49.57. The stock has a market capitalization of $32.30 billion, a price-to-earnings ratio of -41.31 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm’s revenue was up 26.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.17) earnings per share. Analysts expect that DraftKings Inc. will post -0.31 EPS for the current year.

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.