Wedbush Securities Inc. Sells 1,001 Shares of DraftKings Inc. (NASDAQ:DKNG)

Wedbush Securities Inc. trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 12.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,838 shares of the company’s stock after selling 1,001 shares during the quarter. Wedbush Securities Inc.’s holdings in DraftKings were worth $227,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the 4th quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings during the fourth quarter worth $28,000. FNY Investment Advisers LLC bought a new stake in DraftKings during the first quarter worth $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the 1st quarter valued at $27,000. Finally, GPS Wealth Strategies Group LLC increased its stake in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after purchasing an additional 564 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 1.9%

Shares of NASDAQ:DKNG opened at $44.86 on Monday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The business’s 50-day moving average is $39.68 and its 200-day moving average is $39.08. The company has a market capitalization of $39.89 billion, a price-to-earnings ratio of -54.05, a P/E/G ratio of 1.51 and a beta of 1.67.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $43.53, for a total value of $4,594,765.62. Following the transaction, the insider owned 500,000 shares in the company, valued at $21,765,000. The trade was a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the sale, the insider directly owned 4,155,130 shares of the company’s stock, valued at $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 589,404 shares of company stock worth $22,639,746. Insiders own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DKNG shares. Stifel Nicolaus reduced their price objective on DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Barclays set a $51.00 price target on shares of DraftKings and gave the company an “overweight” rating in a research note on Friday, July 18th. JPMorgan Chase & Co. started coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price objective for the company. TD Securities cut their target price on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Finally, Bank of America lowered their price target on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.38.

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.