Schechter Investment Advisors LLC Cuts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Schechter Investment Advisors LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 48.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,510 shares of the company’s stock after selling 7,863 shares during the quarter. Schechter Investment Advisors LLC’s holdings in DraftKings were worth $317,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth $30,000. Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at $43,000. YANKCOM Partnership acquired a new stake in shares of DraftKings in the 4th quarter worth $48,000. Finally, Toth Financial Advisory Corp purchased a new position in DraftKings during the 4th quarter worth $58,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

Shares of DraftKings stock opened at $43.41 on Thursday. The firm has a market cap of $21.27 billion, a PE ratio of -40.95, a P/E/G ratio of 1.43 and a beta of 2.07. The business has a 50-day moving average price of $42.00 and a 200 day moving average price of $39.97. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on DKNG shares. Truist Financial raised their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Wells Fargo & Company boosted their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, TD Cowen reduced their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.44.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % 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 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,783,488 shares of company stock valued at $118,128,867 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

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.