Envestnet Portfolio Solutions Inc. Has $523,000 Holdings in DraftKings Inc. $DKNG

Key Points

• Envestnet Portfolio Solutions sharply reduced its DraftKings stake by 88.8% in the fourth quarter, selling 120,357 shares and ending with 15,187 shares worth about $523,000.
• Institutional ownership remains significant, with several funds adjusting positions and 37.7% of DraftKings stock currently held by institutions and hedge funds.
• Analysts remain generally positive on DKNG despite recent target cuts, with a consensus rating of Moderate Buy and an average price target of $34.32; the stock recently traded at $23.81 after DraftKings missed EPS estimates but slightly beat revenue expectations.

Envestnet Portfolio Solutions Inc. cut its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 88.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,187 shares of the company's stock after selling 120,357 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in DraftKings were worth $523,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Integrated Wealth Concepts LLC grew its stake in DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company's stock valued at $314,000 after buying an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company's stock valued at $1,463,000 after buying an additional 40,495 shares during the last quarter. Empowered Funds LLC grew its stake in DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock valued at $303,000 after buying an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in DraftKings in the 2nd quarter valued at $603,000. Finally, Daiwa Securities Group Inc. grew its stake in DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company's stock valued at $1,892,000 after buying an additional 968 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on DKNG shares. Citizens Jmp lowered their target price on shares of DraftKings from $38.00 to $34.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 1st. Northland Securities set a $27.00 price target on shares of DraftKings in a research report on Monday, May 11th. Guggenheim decreased their price target on shares of DraftKings from $37.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Raymond James Financial upgraded shares of DraftKings from a "market perform" rating to an "outperform" rating in a research report on Friday, April 24th. Finally, Oppenheimer decreased their price target on shares of DraftKings from $50.00 to $35.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $34.32.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 484,417 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares of the company's stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Erik Bradbury sold 2,883 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total transaction of $70,806.48. Following the transaction, the chief accounting officer directly owned 38,168 shares of the company's stock, valued at $937,406.08. The trade was a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 524,546 shares of company stock valued at $13,215,769 over the last quarter. 47.18% of the stock is currently owned by insiders.

DraftKings Stock Performance

NASDAQ DKNG opened at $23.81 on Wednesday. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $11.81 billion, a price-to-earnings ratio of 396.83 and a beta of 1.67. The company's fifty day moving average is $23.63 and its two-hundred day moving average is $27.87. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78.

DraftKings (NASDAQ:DKNG - Get Free Report) 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 company 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 business's revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Equities research analysts forecast that DraftKings Inc. will post 0.62 EPS for the current year.

DraftKings 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.

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