Silverlake Wealth Management LLC Cuts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Silverlake Wealth Management LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,017 shares of the company’s stock after selling 1,971 shares during the period. Silverlake Wealth Management LLC’s holdings in DraftKings were worth $261,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings during the third quarter worth about $28,028,000. Janney Montgomery Scott LLC boosted its holdings in shares of DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 963,742 shares of company stock valued at $38,082,888. Insiders own 48.94% of the company’s stock.

DraftKings Stock Up 1.2 %

DraftKings stock opened at $42.24 on Thursday. The stock has a market cap of $37.20 billion, a PE ratio of -48.00, a price-to-earnings-growth ratio of 3.14 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a fifty day moving average of $40.40 and a 200 day moving average of $38.30. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, sell-side analysts predict that DraftKings Inc. will post -0.93 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DKNG. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Macquarie increased their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.92.

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.