Avondale Wealth Management Reduces Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Avondale Wealth Management decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 63,200 shares of the company’s stock after selling 1,200 shares during the quarter. DraftKings makes up 1.5% of Avondale Wealth Management’s investment portfolio, making the stock its 15th largest position. Avondale Wealth Management’s holdings in DraftKings were worth $2,351,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Alta Advisers Ltd bought a new position in DraftKings in the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings during the 2nd quarter valued at approximately $39,000. Delos Wealth Advisors LLC purchased a new position in DraftKings in the third quarter worth about $43,000. V Square Quantitative Management LLC purchased a new position in DraftKings in the 3rd quarter worth approximately $46,000. Finally, Creative Financial Designs Inc. ADV lifted its holdings in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Up 1.8 %

DraftKings stock traded up $0.69 during midday trading on Friday, reaching $39.04. The stock had a trading volume of 3,024,863 shares, compared to its average volume of 7,527,458. The firm’s fifty day simple moving average is $40.41 and its two-hundred day simple moving average is $37.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $34.38 billion, a price-to-earnings ratio of -44.36 and a beta of 1.90. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 852,183 shares of company stock worth $33,503,025. 51.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on DKNG. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday. Wells Fargo & Company boosted their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings 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.