First Trust Advisors LP Sells 279,587 Shares of DraftKings Inc. $DKNG

First Trust Advisors LP cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 15.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,502,548 shares of the company’s stock after selling 279,587 shares during the quarter. First Trust Advisors LP’s holdings in DraftKings were worth $64,444,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Private Client Wealth LLC raised its position in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the last quarter. Summit Securities Group LLC boosted its holdings in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after acquiring an additional 810 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in DraftKings during the 2nd quarter valued at approximately $45,000. Ameritas Advisory Services LLC bought a new position in DraftKings during the 2nd quarter worth approximately $48,000. Finally, Pinnacle Bancorp Inc. lifted its position in shares of DraftKings by 101.3% in the 2nd quarter. Pinnacle Bancorp Inc. now owns 1,264 shares of the company’s stock worth $54,000 after purchasing an additional 636 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Down 3.4%

DKNG opened at $34.00 on Monday. The company has a fifty day moving average price of $32.52 and a two-hundred day moving average price of $38.93. DraftKings Inc. has a 1-year low of $26.23 and a 1-year high of $53.61. The company has a market cap of $16.92 billion, a P/E ratio of -59.65, a price-to-earnings-growth ratio of 2.82 and a beta of 1.60. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned ($0.60) EPS. DraftKings’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DKNG. Stifel Nicolaus reiterated a “buy” rating and set a $46.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, November 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price target on shares of DraftKings in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. BMO Capital Markets lowered their price objective on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Finally, Sanford C. Bernstein cut their target price on DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average target price of $47.48.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the transaction, the chief financial officer directly owned 126,990 shares in the company, valued at $3,711,917.70. This trade represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory Westin Wendt purchased 10,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average cost of $30.27 per share, with a total value of $302,700.00. Following the transaction, the director owned 10,000 shares in the company, valued at $302,700. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 166,752 shares of company stock worth $5,387,153 in the last three months. Insiders own 47.08% of the company’s stock.

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.