DraftKings Inc. $DKNG Holdings Decreased by First Trust Advisors LP

First Trust Advisors LP lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 21.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,277,892 shares of the company’s stock after selling 338,826 shares during the quarter. First Trust Advisors LP’s holdings in DraftKings were worth $27,628,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ascentis Independent Advisors acquired a new position in DraftKings during the 1st quarter valued at about $27,000. Montag A & Associates Inc. lifted its stake in shares of DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the period. SHP Wealth Management bought a new position in shares of DraftKings in the fourth quarter valued at approximately $42,000. Root Financial Partners LLC boosted its holdings in shares of DraftKings by 208.0% in the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after acquiring an additional 1,874 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of DraftKings during the third quarter valued at approximately $62,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 2.1%

Shares of NASDAQ:DKNG opened at $24.62 on Wednesday. The stock has a market capitalization of $12.21 billion, a price-to-earnings ratio of 410.33 and a beta of 1.65. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50 day moving average price of $25.61 and a 200 day moving average price of $25.53.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. On average, research analysts anticipate that DraftKings Inc. will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. Scotiabank raised DraftKings to an “outperform” rating in a report on Friday, April 24th. Moffett Nathanson cut DraftKings from a “buy” rating to a “neutral” rating and lowered their price target for the company from $38.00 to $27.00 in a research report on Friday, April 24th. Barclays lifted their price target on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Freedom Capital upgraded DraftKings to a “strong-buy” rating in a report on Wednesday, May 20th. Finally, Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.37.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.