Balboa Wealth Partners Sells 5,300 Shares of DraftKings Inc. (NASDAQ:DKNG)

Balboa Wealth Partners trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 25.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,492 shares of the company’s stock after selling 5,300 shares during the quarter. Balboa Wealth Partners’ holdings in DraftKings were worth $546,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in DKNG. Highlander Capital Management LLC increased its stake in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the last quarter. Montag A & Associates Inc. acquired a new stake in DraftKings in the fourth quarter valued at approximately $29,000. FSC Wealth Advisors LLC acquired a new stake in DraftKings in the fourth quarter valued at approximately $37,000. Householder Group Estate & Retirement Specialist LLC boosted its position in DraftKings by 154.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after buying an additional 737 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in DraftKings in the third quarter valued at approximately $45,000. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Down 4.2 %

DKNG traded down $1.74 during midday trading on Thursday, hitting $40.16. The company had a trading volume of 7,743,377 shares, compared to its average volume of 11,179,968. DraftKings Inc. has a 52 week low of $22.92 and a 52 week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $34.91 billion, a price-to-earnings ratio of -35.51 and a beta of 1.87. The stock’s 50 day moving average price is $43.97 and its 200 day moving average price is $40.28.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the firm posted ($0.87) earnings per share. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. On average, research analysts anticipate that DraftKings Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DKNG. Morgan Stanley raised their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Moffett Nathanson raised their target price on shares of DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. Susquehanna raised their target price on shares of DraftKings from $54.00 to $56.00 and gave the company a “positive” rating in a research report on Monday, April 29th. JMP Securities restated a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $49.21.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the completion of the sale, the insider now directly owns 2,849,215 shares of the company’s stock, valued at $121,576,004.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 51.19% of the company’s stock.

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.