Redhawk Wealth Advisors Inc. Makes New $201,000 Investment in DraftKings Inc. (NASDAQ:DKNG)

Redhawk Wealth Advisors Inc. acquired a new position in DraftKings Inc. (NASDAQ:DKNG – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,569 shares of the company’s stock, valued at approximately $201,000.

Several other institutional investors have also added to or reduced their stakes in the company. Barrett & Company Inc. bought a new stake in shares of DraftKings during the first quarter valued at approximately $32,000. WealthPLAN Partners LLC bought a new stake in shares of DraftKings during the first quarter valued at approximately $45,000. Carnegie Capital Asset Management LLC raised its stake in shares of DraftKings by 4.0% during the first quarter. Carnegie Capital Asset Management LLC now owns 632,186 shares of the company’s stock valued at $12,239,000 after acquiring an additional 24,561 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in shares of DraftKings by 11.4% during the first quarter. Maryland State Retirement & Pension System now owns 27,986 shares of the company’s stock valued at $542,000 after acquiring an additional 2,871 shares in the last quarter. Finally, Alpine Global Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $117,000. Institutional investors own 32.84% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on DKNG shares. Morgan Stanley lifted their price target on shares of DraftKings from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Tuesday, August 8th. UBS Group boosted their price objective on shares of DraftKings from $30.00 to $39.00 in a research note on Monday, August 21st. Roth Mkm boosted their price objective on shares of DraftKings from $20.00 to $23.00 and gave the stock a “sell” rating in a research note on Monday, August 7th. Jefferies Financial Group boosted their price objective on shares of DraftKings from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Sunday, August 6th. Finally, VNET Group reissued a “reiterates” rating on shares of DraftKings in a research note on Tuesday, June 27th. Four analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.20.

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Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 211,108 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total value of $6,358,572.96. Following the completion of the transaction, the insider now owns 629,023 shares in the company, valued at $18,946,172.76. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 250,000 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $27.00, for a total value of $6,750,000.00. Following the completion of the transaction, the insider now owns 3,788,962 shares in the company, valued at $102,301,974. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 211,108 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $30.12, for a total transaction of $6,358,572.96. Following the completion of the transaction, the insider now owns 629,023 shares of the company’s stock, valued at approximately $18,946,172.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 947,536 shares of company stock valued at $29,232,213. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

NASDAQ:DKNG opened at $30.08 on Thursday. DraftKings Inc. has a one year low of $10.69 and a one year high of $34.49. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.23. The firm’s fifty day moving average is $29.98 and its two-hundred day moving average is $25.03.

DraftKings (NASDAQ:DKNG – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.07. DraftKings had a negative net margin of 38.90% and a negative return on equity of 97.42%. The company had revenue of $874.93 million for the quarter, compared to analyst estimates of $762.25 million. As a group, equities analysts forecast that DraftKings Inc. will post -1.62 EPS for the current fiscal year.

DraftKings Company Profile

(Free Report)

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.