Fortis Group Advisors LLC Cuts Position in DraftKings Inc. (NASDAQ:DKNG)

Fortis Group Advisors LLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.5% in the fourth quarter, HoldingsChannel reports. The firm owned 10,033 shares of the company’s stock after selling 696 shares during the period. Fortis Group Advisors LLC’s holdings in DraftKings were worth $373,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in DKNG. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at about $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings during the fourth quarter valued at approximately $30,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings in the third quarter valued at approximately $43,000. V Square Quantitative Management LLC purchased a new position in DraftKings in the third quarter worth $46,000. Finally, Creative Financial Designs Inc. ADV increased its position in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was 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 1,163,742 shares of company stock valued at $47,082,888 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of recent analyst reports. Macquarie raised their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Susquehanna lowered their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Barclays boosted their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.64.

DraftKings Trading Up 15.2 %

DraftKings stock opened at $53.49 on Tuesday. The firm has a market cap of $26.08 billion, a PE ratio of -60.78, a P/E/G ratio of 3.18 and a beta of 1.93. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock’s 50 day simple moving average is $40.76 and its two-hundred day simple moving average is $38.89. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Analysts anticipate that DraftKings Inc. will post -0.95 earnings per share 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.