First Trust Advisors LP Sells 544,119 Shares of DraftKings Inc. (NASDAQ:DKNG)

First Trust Advisors LP decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 25.2% during the fourth quarter, HoldingsChannel reports. The firm owned 1,611,184 shares of the company’s stock after selling 544,119 shares during the period. First Trust Advisors LP’s holdings in DraftKings were worth $59,936,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings during the 4th quarter valued at about $28,000. Synergy Asset Management LLC purchased a new position in shares of DraftKings during the fourth quarter worth approximately $30,000. Synergy Investment Management LLC purchased a new position in shares of DraftKings during the fourth quarter worth approximately $37,000. Westpac Banking Corp bought a new stake in shares of DraftKings in the 4th quarter worth approximately $44,000. Finally, YANKCOM Partnership purchased a new stake in shares of DraftKings in the 4th quarter valued at $48,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 3.2 %

DraftKings stock opened at $33.47 on Wednesday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s fifty day simple moving average is $38.69 and its two-hundred day simple moving average is $39.61. The company has a market capitalization of $29.55 billion, a price-to-earnings ratio of -31.58, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,575,525 shares of company stock worth $109,441,446 in the last three months. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DKNG shares. Jefferies Financial Group set a $60.00 price target on shares of DraftKings and gave the stock a “buy” rating in a research note on Sunday, April 13th. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Citigroup reaffirmed an “outperform” rating on shares of DraftKings in a research note on Wednesday, April 2nd. BTIG Research dropped their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.46.

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.