Wealthcare Advisory Partners LLC Cuts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Wealthcare Advisory Partners LLC lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 8.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund 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 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in DKNG. International Assets Investment Management LLC bought a new stake in DraftKings during the 4th quarter valued at about $7,975,000. Deutsche Bank AG raised its position in shares of DraftKings by 169.1% during the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in DraftKings in the third quarter worth $209,000. Schonfeld Strategic Advisors LLC grew its stake in shares of DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in DraftKings by 1.1% during the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after buying an additional 1,237 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling at DraftKings

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on DKNG shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday. Bank Of America (Bofa) lifted their price target on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Oppenheimer upped their price target on DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Stifel Nicolaus upped their price target on DraftKings from $50.00 to $51.00 and gave the company a “buy” rating in a report on Monday. Finally, BMO Capital Markets increased their price target on shares of DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a report on Monday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.07.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $0.51 during trading on Wednesday, reaching $42.79. The stock had a trading volume of 407,807 shares, compared to its average volume of 11,613,494. The stock has a market cap of $37.08 billion, a PE ratio of -36.69 and a beta of 1.87. DraftKings Inc. has a one year low of $22.65 and a one year high of $49.57. The firm’s 50 day moving average price is $43.66 and its two-hundred day moving average price is $39.03. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

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

About DraftKings

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.