Wealthcare Advisory Partners LLC Lowers Stake in DraftKings Inc. (NASDAQ:DKNG)

Wealthcare Advisory Partners LLC decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 29,642 shares of the company’s stock after selling 2,501 shares during the period. Wealthcare Advisory Partners LLC’s holdings in DraftKings were worth $1,103,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings during the 3rd quarter valued at about $43,000. V Square Quantitative Management LLC purchased a new stake in DraftKings in the third quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV increased its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. Eastern Bank purchased a new position in DraftKings during the third quarter worth approximately $59,000. Finally, Quarry LP acquired a new position in shares of DraftKings in the 2nd quarter valued at $87,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DKNG. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Wells Fargo & Company boosted their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Benchmark reiterated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Stock Performance

Shares of DraftKings stock opened at $39.29 on Monday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The firm’s 50-day simple moving average is $40.65 and its 200-day simple moving average is $37.97. The firm has a market cap of $34.60 billion, a PE ratio of -44.65, a price-to-earnings-growth ratio of 2.99 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock valued at $41,303,025 over the last 90 days. 48.94% of the stock is owned by company insiders.

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.