Atlanta Consulting Group Advisors LLC Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Atlanta Consulting Group Advisors LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 8,181 shares of the company’s stock, valued at approximately $321,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. LRI Investments LLC purchased a new position in DraftKings in the first quarter valued at about $31,000. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the 2nd quarter valued at approximately $39,000. V Square Quantitative Management LLC acquired a new position in DraftKings during the third quarter worth $46,000. Finally, Creative Financial Designs Inc. ADV boosted its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated 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 sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $39.84 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $35.08 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The firm’s 50-day moving average is $38.35 and its 200 day moving average is $37.89.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Research analysts predict that DraftKings Inc. will post -0.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on DKNG shares. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. UBS Group upped 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. Susquehanna raised their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. upped their target price on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.85.

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.