Stratos Wealth Advisors LLC Sells 4,241 Shares of DraftKings Inc. $DKNG

Stratos Wealth Advisors LLC decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNGFree Report) by 16.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 22,109 shares of the company’s stock after selling 4,241 shares during the period. Stratos Wealth Advisors LLC’s holdings in DraftKings were worth $948,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group increased its position in shares of DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after buying an additional 270 shares during the period. TD Private Client Wealth LLC increased its holdings in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the period. Farther Finance Advisors LLC lifted its stake in DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after purchasing an additional 286 shares in the last quarter. Obermeyer Wealth Partners boosted its holdings in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock valued at $297,000 after purchasing an additional 297 shares during the period. Finally, Stevens Capital Management LP grew its position in shares of DraftKings by 3.7% during the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock valued at $299,000 after purchasing an additional 319 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DraftKings stock opened at $34.10 on Friday. The firm has a market capitalization of $16.93 billion, a PE ratio of -52.46, a price-to-earnings-growth ratio of 0.85 and a beta of 1.99. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The business’s 50-day moving average price is $42.18 and its 200-day moving average price is $39.62.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the firm earned $0.12 earnings per share. DraftKings’s revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DKNG. Morgan Stanley reiterated an “overweight” rating and issued a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Truist Financial lifted their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Finally, Northland Securities set a $30.00 target price on shares of DraftKings in a research note on Monday, October 13th. Twenty-seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Check Out Our Latest Stock Report on DKNG

Insider Activity at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the transaction, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of the sale, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $22,300,000. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 552,777 shares of company stock worth $24,690,599 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Profile

(Free Report)

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.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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