Venture Visionary Partners LLC Has $751,000 Stock Position in DraftKings Inc. $DKNG

Venture Visionary Partners LLC decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 70.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,093 shares of the company’s stock after selling 48,405 shares during the period. Venture Visionary Partners LLC’s holdings in DraftKings were worth $751,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. IHT Wealth Management LLC increased its holdings in shares of DraftKings by 4.1% in the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after purchasing an additional 248 shares in the last quarter. Brooklyn Investment Group boosted its position in DraftKings by 7.3% in the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after buying an additional 270 shares during the last quarter. TD Private Client Wealth LLC increased its stake in shares of DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares during the period. Farther Finance Advisors LLC raised its position in shares of DraftKings by 9.1% during the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its position in shares of DraftKings by 3.6% during the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after acquiring an additional 348 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Down 1.4%

Shares of NASDAQ:DKNG opened at $34.05 on Thursday. DraftKings Inc. has a 52 week low of $26.23 and a 52 week high of $53.61. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The company has a market capitalization of $16.95 billion, a PE ratio of -59.74, a PEG ratio of 2.86 and a beta of 1.60. The company has a 50 day moving average price of $32.38 and a two-hundred day moving average price of $38.89.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business earned ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Alan Wayne Ellingson sold 8,421 shares of DraftKings stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the transaction, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. The trade was a 6.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gregory Westin Wendt bought 10,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average cost of $30.27 per share, with a total value of $302,700.00. Following the completion of the purchase, the director owned 10,000 shares in the company, valued at $302,700. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 166,752 shares of company stock valued at $5,387,153. Insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of several recent research reports. Wells Fargo & Company assumed coverage on DraftKings in a report on Tuesday, November 18th. They issued an “equal weight” rating and a $31.00 price target on the stock. Berenberg Bank set a $43.00 target price on shares of DraftKings and gave the company a “buy” rating in a research report on Thursday, October 9th. BMO Capital Markets dropped their price target on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Bank of America lowered shares of DraftKings from a “buy” rating to a “neutral” rating and cut their price objective for the company from $48.00 to $35.00 in a report on Tuesday, November 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $46.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, November 10th. Twenty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.48.

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.