Herbst Group LLC Reduces Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Herbst Group LLC reduced its position in DraftKings Inc. (NASDAQ:DKNG) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 116,600 shares of the company’s stock after selling 3,200 shares during the period. DraftKings comprises approximately 2.1% of Herbst Group LLC’s holdings, making the stock its 16th biggest holding. Herbst Group LLC’s holdings in DraftKings were worth $3,098,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barrett & Company Inc. purchased a new stake in DraftKings in the 1st quarter valued at about $32,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of DraftKings during the 1st quarter valued at $42,000. WealthPLAN Partners LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at $45,000. Capital Impact Advisors LLC grew its stake in shares of DraftKings by 17.5% during the 4th quarter. Capital Impact Advisors LLC now owns 4,556 shares of the company’s stock valued at $52,000 after buying an additional 678 shares during the period. Finally, First Horizon Advisors Inc. grew its holdings in shares of DraftKings by 12.9% during the 4th quarter. First Horizon Advisors Inc. now owns 5,943 shares of the company’s stock worth $68,000 after purchasing an additional 681 shares during the period. 32.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total value of $90,360.00. Following the sale, the chief accounting officer now directly owns 25,070 shares in the company, valued at approximately $755,108.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other DraftKings news, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $30.12, for a total transaction of $90,360.00. Following the sale, the chief accounting officer now owns 25,070 shares of the company’s stock, valued at approximately $755,108.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 250,000 shares of DraftKings stock in a transaction on Monday, August 21st. The shares were sold at an average price of $27.00, for a total value of $6,750,000.00. Following the sale, the insider now directly owns 3,788,962 shares in the company, valued at approximately $102,301,974. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 947,536 shares of company stock valued at $29,232,213. Insiders own 55.92% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on DKNG shares. Jefferies Financial Group boosted their target price on DraftKings from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Sunday, August 6th. Morgan Stanley boosted their target price on DraftKings from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, August 8th. Barclays raised their price objective on DraftKings from $30.00 to $32.00 in a research report on Thursday, September 7th. BTIG Research upped their target price on DraftKings from $34.00 to $39.00 in a research report on Friday, August 4th. Finally, UBS Group raised their target price on DraftKings from $30.00 to $39.00 in a report on Monday, August 21st. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $33.20.

DraftKings Trading Down 1.9 %

Shares of DraftKings stock traded down $0.58 during trading hours on Tuesday, reaching $30.67. The company’s stock had a trading volume of 1,436,449 shares, compared to its average volume of 12,212,966. The company’s 50 day simple moving average is $29.97 and its 200 day simple moving average is $24.92. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.23. DraftKings Inc. has a one year low of $10.69 and a one year high of $34.49.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.07. The business had revenue of $874.93 million for the quarter, compared to the consensus estimate of $762.25 million. DraftKings had a negative return on equity of 97.42% and a negative net margin of 38.90%. Analysts forecast that DraftKings Inc. will post -1.61 earnings per share for the current year.

DraftKings Profile

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.