Primoris Wealth Advisors LLC Grows Holdings in DraftKings Inc. $DKNG

Primoris Wealth Advisors LLC lifted its position in DraftKings Inc. (NASDAQ:DKNG) by 845.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,460 shares of the company’s stock after purchasing an additional 40,650 shares during the period. Primoris Wealth Advisors LLC’s holdings in DraftKings were worth $1,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of DKNG. IHT Wealth Management LLC raised its holdings in DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the period. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Farther Finance Advisors LLC grew its holdings in DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after buying an additional 286 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of DraftKings by 7.3% during the third quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock valued at $179,000 after buying an additional 328 shares during the last quarter. Finally, Valeo Financial Advisors LLC lifted its holdings in shares of DraftKings by 3.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after buying an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DraftKings stock opened at $34.96 on Tuesday. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The firm has a 50-day moving average price of $33.00 and a 200-day moving average price of $38.49. The firm has a market capitalization of $17.40 billion, a PE ratio of -61.33, a price-to-earnings-growth ratio of 0.71 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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). The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the company earned ($0.60) earnings per share. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research reports. Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a report on Monday, October 6th. Guggenheim dropped their price target on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Barclays reduced their price objective on DraftKings from $54.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Northland Securities upgraded DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. Finally, JPMorgan Chase & Co. reduced their price target on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Twenty-five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $47.07.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the completion of the transaction, the insider owned 512,182 shares in the company, valued at $17,332,238.88. The trade was a 9.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the sale, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. The trade was a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 166,752 shares of company stock valued at $5,387,153 over the last quarter. 47.08% of the stock is currently owned by insiders.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.