Primoris Wealth Advisors LLC Decreases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Primoris Wealth Advisors LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 16.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,765 shares of the company’s stock after selling 2,270 shares during the quarter. Primoris Wealth Advisors LLC’s holdings in DraftKings were worth $461,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Global Retirement Partners LLC lifted its holdings in shares of DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after purchasing an additional 273 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after acquiring an additional 286 shares during the period. Sfmg LLC raised its holdings in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock worth $370,000 after purchasing an additional 306 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Finally, Brown Lisle Cummings Inc. grew its position in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 3.0 %

Shares of NASDAQ:DKNG traded up $1.15 during mid-day trading on Friday, reaching $40.13. 30,274,855 shares of the company were exchanged, compared to its average volume of 10,357,750. The firm has a market cap of $35.26 billion, a price-to-earnings ratio of -45.09 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The firm’s 50-day simple moving average is $37.55 and its 200 day simple moving average is $37.95.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. Equities research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DKNG. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday. Susquehanna raised their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. The Goldman Sachs Group lowered their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Wells Fargo & Company lifted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, JMP Securities reissued a “market outperform” rating and set a $51.00 target price on shares of DraftKings in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.22.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was 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. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. Corporate insiders own 48.94% of the company’s stock.

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.