Braun Stacey Associates Inc. Sells 605 Shares of DraftKings Inc. (NASDAQ:DKNG)

Braun Stacey Associates Inc. lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 0.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 294,340 shares of the company’s stock after selling 605 shares during the quarter. Braun Stacey Associates Inc.’s holdings in DraftKings were worth $11,538,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. LRI Investments LLC bought a new position in shares of DraftKings in the first quarter worth approximately $31,000. Alta Advisers Ltd purchased a new position in shares of DraftKings in the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings during the second quarter valued at approximately $39,000. St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings in the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in DraftKings during the third quarter valued at about $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $39.84 on Monday. The stock’s 50 day simple moving average is $38.35 and its 200 day simple moving average is $37.89. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The stock has a market capitalization of $35.08 billion, a PE ratio of -45.27 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, research analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several analyst reports. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised their target price on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Morgan Stanley lifted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Finally, UBS Group increased their price objective on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

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.