Avantax Advisory Services Inc. Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Avantax Advisory Services Inc. reduced its holdings in DraftKings Inc. (NASDAQ:DKNG) by 17.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,409 shares of the company’s stock after selling 2,905 shares during the period. Avantax Advisory Services Inc.’s holdings in DraftKings were worth $445,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in DKNG. T. Rowe Price Investment Management Inc. lifted its position in shares of DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after buying an additional 707,504 shares in the last quarter. FMR LLC raised its position in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Janus Henderson Group PLC lifted its holdings in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of DraftKings by 4.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock valued at $235,746,000 after purchasing an additional 301,134 shares during the period. Finally, Jericho Capital Asset Management L.P. grew its position in shares of DraftKings by 10.2% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 5,245,494 shares of the company’s stock valued at $195,132,000 after purchasing an additional 484,794 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Up 0.9%

Shares of NASDAQ DKNG opened at $45.36 on Thursday. The company has a market capitalization of $40.34 billion, a P/E ratio of -54.65, a P/E/G ratio of 1.51 and a beta of 1.70. 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 company has a 50 day simple moving average of $41.15 and a 200-day simple moving average of $39.38. DraftKings Inc. has a 1 year low of $29.29 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.10). DraftKings had a negative return on equity of 34.55% and a negative net margin of 7.97%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s revenue was up 36.9% on a year-over-year basis. On average, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several research analyst reports. Truist Financial upped their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Thursday, April 24th. Mizuho reduced their target price on DraftKings from $59.00 to $58.00 and set an “outperform” rating for the company in a report on Monday, May 12th. Jefferies Financial Group lowered their price target on DraftKings from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, July 3rd. Finally, Susquehanna boosted their price target on DraftKings from $52.00 to $60.00 and gave the stock a “positive” rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $54.37.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the transaction, the insider owned 4,155,130 shares of the company’s stock, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider owned 504,381 shares of the company’s stock, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 536,627 shares of company stock valued at $20,843,217. 51.19% of the stock is owned by company insiders.

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.