Nwam LLC Sells 1,293 Shares of DraftKings Inc. (NASDAQ:DKNG)

Nwam LLC decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,849 shares of the company’s stock after selling 1,293 shares during the quarter. Nwam LLC’s holdings in DraftKings were worth $1,484,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in DKNG. Marshall Wace LLP boosted its stake in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. lifted its position in shares of DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after acquiring an additional 1,493,995 shares during the period. Blue Whale Capital LLP bought a new stake in shares of DraftKings in the 2nd quarter worth approximately $39,306,000. Kodai Capital Management LP bought a new stake in shares of DraftKings in the 1st quarter worth approximately $41,276,000. Finally, AQR Capital Management LLC lifted its position in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on DKNG. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. TD Cowen raised their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. JMP Securities raised their price target on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.85.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 823,687 shares of company stock worth $33,054,195 over the last three months. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Down 1.1 %

DKNG stock opened at $43.09 on Friday. The business’s 50-day moving average price is $38.92 and its two-hundred day moving average price is $37.97. 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 Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, research analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current year.

DraftKings 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.