First Trust Advisors LP Cuts Position in DraftKings Inc. (NASDAQ:DKNG)

First Trust Advisors LP lowered its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 25.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,611,184 shares of the company's stock after selling 544,119 shares during the quarter. First Trust Advisors LP owned about 0.33% of DraftKings worth $59,936,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of DraftKings in the 4th quarter worth $276,328,000. FMR LLC grew its position in DraftKings by 110.6% in 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 in the last quarter. Baillie Gifford & Co. bought a new stake in DraftKings during the fourth quarter worth approximately $246,765,000. Contrarius Group Holdings Ltd purchased a new stake in DraftKings during the fourth quarter valued at approximately $58,397,000. Finally, Massachusetts Financial Services Co. MA raised its position in DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company's stock valued at $252,867,000 after purchasing an additional 1,036,763 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Down 2.2 %

Shares of NASDAQ DKNG traded down $0.75 during mid-day trading on Monday, reaching $33.04. 2,920,840 shares of the company were exchanged, compared to its average volume of 9,771,995. The firm has a 50-day moving average of $37.56 and a 200 day moving average of $39.54. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $29.18 billion, a price-to-earnings ratio of -31.12, a P/E/G ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several analyst reports. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Cowen reiterated a "buy" rating on shares of DraftKings in a research report on Thursday. Morgan Stanley increased their target price on shares of DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Citigroup dropped their price target on shares of DraftKings from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Friday. Finally, Guggenheim reduced their price objective on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.64.

Insider Transactions at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares of the company's stock, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,628,302 shares of company stock valued at $111,145,088. Corporate insiders own 51.19% of the company's stock.

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.