Valeo Financial Advisors LLC Sells 2,077 Shares of DraftKings Inc. (NASDAQ:DKNG)

Valeo Financial Advisors LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 24.6% during the 4th quarter, HoldingsChannel reports. The fund owned 6,361 shares of the company’s stock after selling 2,077 shares during the quarter. Valeo Financial Advisors LLC’s holdings in DraftKings were worth $224,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DKNG. Whale Rock Capital Management LLC bought a new stake in DraftKings during the 2nd quarter worth about $215,687,000. Two Sigma Investments LP bought a new stake in shares of DraftKings in the 1st quarter valued at about $102,351,000. Massachusetts Financial Services Co. MA bought a new stake in shares of DraftKings in the 3rd quarter valued at about $107,276,000. Ameriprise Financial Inc. raised its holdings in shares of DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the period. Finally, Lord Abbett & CO. LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at about $91,790,000. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DKNG. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a report on Thursday, March 28th. Piper Sandler upped their target price on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $45.00 in a report on Friday, January 19th. Oppenheimer upped their target price on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Finally, BMO Capital Markets upped their price target on shares of DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Two 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.93.

DraftKings Stock Performance

Shares of DraftKings stock opened at $44.94 on Wednesday. The company has a 50 day moving average of $43.87 and a 200-day moving average of $37.78. DraftKings Inc. has a 1-year low of $19.10 and a 1-year high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a market cap of $38.95 billion, a PE ratio of -25.68 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company posted ($0.53) EPS. The business’s revenue was up 43.9% on a year-over-year basis. As a group, equities research analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,596,101 shares of company stock valued at $65,685,509. Company insiders own 51.19% of the company’s stock.

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.