DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 16,314 shares of the company’s stock after selling 4,464 shares during the period. Avantax Advisory Services Inc.’s holdings in DraftKings were worth $607,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. grew its position in DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after acquiring an additional 26,164 shares during the period. Charles Schwab Investment Management Inc. increased its stake in DraftKings by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after acquiring an additional 86,336 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in DraftKings by 2.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock valued at $58,038,000 after purchasing an additional 35,466 shares during the period. Finally, Stifel Financial Corp boosted its stake in DraftKings by 27.7% during the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock worth $7,669,000 after buying an additional 42,431 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares of the company’s stock, valued at approximately $25,499,877. This represents a 7.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,663,966 shares of company stock valued at $112,550,362 in the last 90 days. 51.19% of the stock is currently owned by insiders.

DraftKings Price Performance

DKNG stock opened at $39.49 on Friday. The stock’s 50 day moving average price is $42.17 and its 200 day moving average price is $40.27. The firm has a market cap of $19.35 billion, a P/E ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DKNG shares. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Stifel Nicolaus upped their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. JMP Securities reiterated a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Finally, TD Cowen dropped their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

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.