Capstone Wealth Management Group LLC Sells 525 Shares of DraftKings Inc. (NASDAQ:DKNG)

Capstone Wealth Management Group LLC trimmed its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,250 shares of the company’s stock after selling 525 shares during the quarter. Capstone Wealth Management Group LLC’s holdings in DraftKings were worth $239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Transcendent Capital Group LLC acquired a new position in DraftKings in the fourth quarter valued at $26,000. LRI Investments LLC bought a new position in shares of DraftKings in the 1st quarter worth about $31,000. LifeSteps Financial Inc. acquired a new position in shares of DraftKings in the 1st quarter valued at about $33,000. Concord Wealth Partners boosted its position in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd acquired a new stake in DraftKings during the second quarter worth approximately $38,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock worth $44,784,070 in the last quarter. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DKNG. Barclays cut their price target on DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Guggenheim reduced their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Oppenheimer dropped their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. BMO Capital Markets reduced their target price on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Macquarie reaffirmed an “outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.78.

DraftKings Trading Up 1.2 %

NASDAQ:DKNG opened at $38.24 on Tuesday. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The firm has a 50-day moving average price of $35.28 and a two-hundred day moving average price of $39.54. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $33.24 billion, a price-to-earnings ratio of -32.41 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.17) earnings per share. On average, equities analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal 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.