First Trust Advisors LP Has $59.94 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

First Trust Advisors LP lessened its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 25.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,611,184 shares of the company's stock after selling 544,119 shares during the period. First Trust Advisors LP owned approximately 0.33% of DraftKings worth $59,936,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of DKNG. Claro Advisors LLC increased its stake in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares in the last quarter. Allworth Financial LP increased its position in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after acquiring an additional 271 shares in the last quarter. Westside Investment Management Inc. raised its holdings in shares of DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after acquiring an additional 288 shares during the last quarter. Nvwm LLC lifted its position in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after acquiring an additional 312 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in DraftKings by 1.1% during the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company's stock valued at $1,113,000 after purchasing an additional 327 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now owns 706,620 shares of the company's stock, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the business's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold a total of 2,575,525 shares of company stock valued at $109,441,446 in the last three months. Company insiders own 51.19% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on DKNG shares. Piper Sandler reissued an "overweight" rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Argus set a $60.00 price objective on DraftKings in a research note on Tuesday, February 18th. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research note on Monday, April 7th. Citigroup reissued an "outperform" rating on shares of DraftKings in a research report on Wednesday, April 2nd. Finally, Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the stock a "buy" rating in a research report on Sunday, April 13th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.46.

DraftKings Stock Performance

NASDAQ:DKNG opened at $33.47 on Wednesday. The business's fifty day moving average is $38.69 and its 200 day moving average is $39.61. The firm has a market cap of $29.55 billion, a price-to-earnings ratio of -31.58, a PEG ratio of 1.43 and a beta of 2.16. 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 52-week low of $28.69 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 return on equity of 48.13% and a negative net margin of 10.64%. Research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.

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