Focus Partners Wealth Sells 96,130 Shares of DraftKings Inc. (NASDAQ:DKNG)

Focus Partners Wealth trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 53.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,369 shares of the company's stock after selling 96,130 shares during the quarter. Focus Partners Wealth's holdings in DraftKings were worth $3,109,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Stonebridge Financial Group LLC purchased a new position in DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC purchased a new position in DraftKings in the 4th quarter worth about $30,000. Synergy Investment Management LLC purchased a new position in DraftKings in the 4th quarter worth about $37,000. Westpac Banking Corp purchased a new position in DraftKings in the 4th quarter worth about $44,000. Finally, YANKCOM Partnership purchased a new position in DraftKings in the 4th quarter worth about $48,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DKNG shares. Northland Securities set a $50.00 price target on shares of DraftKings in a report on Friday, April 25th. Stifel Nicolaus reduced their price target on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Guggenheim reduced their price target on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday. BMO Capital Markets restated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Finally, Cfra Research upgraded shares of DraftKings to a "moderate buy" rating in a report on Monday, April 14th. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.04.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares of the company's stock, valued at approximately $26,583,044.40. This represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was 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 now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,691,079 shares of company stock worth $111,885,917 over the last quarter. Corporate insiders own 47.08% of the company's stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $36.61 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of -34.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The business has a 50 day simple moving average of $35.28 and a 200 day simple moving average of $39.29. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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, equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

DraftKings Company 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.

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