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

Romano Brothers AND Company acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 30,137 shares of the company’s stock, valued at approximately $1,181,000.

Several other institutional investors have also added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in shares of DraftKings in the 1st quarter valued at $31,000. Concord Wealth Partners boosted its stake in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares in the last quarter. Alta Advisers Ltd acquired a new stake in DraftKings in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings in the second quarter valued at about $39,000. Finally, Larson Financial Group LLC lifted its holdings in shares of DraftKings by 166.0% in the first quarter. Larson Financial Group LLC now owns 1,117 shares of the company’s stock worth $51,000 after acquiring an additional 697 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Down 2.8 %

Shares of NASDAQ:DKNG opened at $36.60 on Thursday. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day moving average is $37.15 and its 200-day moving average is $38.46. The company has a market capitalization of $31.81 billion, a price-to-earnings ratio of -31.02 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly 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 firm had revenue of $1.10 billion for 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%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.17) earnings per share. Equities research analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,132,095 shares of company stock worth $42,890,328 in the last quarter. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DKNG. UBS Group lifted their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Macquarie reaffirmed an “outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th. Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

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.