Wealthcare Advisory Partners LLC Trims Position in DraftKings Inc. (NASDAQ:DKNG)

Wealthcare Advisory Partners LLC reduced its position in DraftKings Inc. (NASDAQ:DKNG) by 8.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 29,253 shares of the company’s stock after selling 2,581 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in DraftKings were worth $1,031,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA purchased a new position in DraftKings during the third quarter valued at approximately $107,276,000. Ameriprise Financial Inc. raised its stake in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in DraftKings during the 3rd quarter worth approximately $91,790,000. Jericho Capital Asset Management L.P. raised its holdings in DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after buying an additional 2,022,000 shares during the period. Finally, Victory Capital Management Inc. lifted its position in DraftKings by 3,039.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,444,622 shares of the company’s stock worth $42,530,000 after buying an additional 1,398,603 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DKNG has been the subject of several analyst reports. Jefferies Financial Group lifted their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday. UBS Group raised their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Susquehanna lifted their price target on DraftKings from $54.00 to $56.00 and gave the company a “positive” rating in a research note on Monday, April 29th. JPMorgan Chase & Co. restated an “overweight” rating and set a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Finally, Bank Of America (Bofa) lifted their price objective on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.07.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,086,101 shares of company stock valued at $45,903,509. Corporate insiders own 48.94% of the company’s stock.

DraftKings Stock Down 1.2 %

DKNG traded down $0.51 on Wednesday, hitting $42.79. 407,807 shares of the company were exchanged, compared to its average volume of 11,613,494. DraftKings Inc. has a 12 month low of $22.65 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $37.08 billion, a PE ratio of -36.69 and a beta of 1.87. The stock’s fifty day moving average is $43.66 and its 200-day moving average is $39.03.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the business earned ($0.87) earnings per share. The business’s revenue was up 52.7% compared to the same quarter last year. Equities research analysts predict that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

DraftKings Company 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.