Romano Brothers AND Company Invests $1.18 Million in DraftKings Inc. (NASDAQ:DKNG)

Romano Brothers AND Company acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 30,137 shares of the company’s stock, valued at approximately $1,181,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. LRI Investments LLC acquired a new position in shares of DraftKings during the 1st quarter worth about $31,000. Concord Wealth Partners grew its holdings in DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the period. Alta Advisers Ltd bought a new stake in DraftKings in the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in DraftKings in the second quarter worth $39,000. Finally, St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $46,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on DKNG. Morgan Stanley upped their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday. JMP Securities reaffirmed a “market outperform” rating and set a $51.00 price target on shares of DraftKings in a research report on Monday, October 14th. Barclays lifted their price objective on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Finally, UBS Group upped their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.22.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were 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 owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,132,095 shares of company stock valued at $42,890,328. 51.19% of the stock is owned by company insiders.

DraftKings Trading Down 2.8 %

Shares of DKNG stock opened at $36.60 on Thursday. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a market capitalization of $31.81 billion, a PE ratio of -31.02 and a beta of 1.81. The firm has a 50 day moving average price of $37.15 and a two-hundred day moving average price of $38.46. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the firm posted ($0.17) EPS. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. As a group, analysts predict that DraftKings Inc. will post -0.31 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.