Envestnet Portfolio Solutions Inc. Sells 120,357 Shares of DraftKings Inc. $DKNG

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 88.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 15,187 shares of the company’s stock after selling 120,357 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in DraftKings were worth $523,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Citigroup Inc. lifted its holdings in DraftKings by 40.6% during the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after purchasing an additional 560,139 shares during the last quarter. Bedell Frazier Investment Counselling LLC bought a new position in DraftKings during the 3rd quarter valued at about $4,492,000. Waycross Partners LLC bought a new position in DraftKings during the 4th quarter valued at about $2,584,000. Finally, DAVENPORT & Co LLC lifted its holdings in DraftKings by 11.2% during the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after purchasing an additional 348,333 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Down 5.2%

Shares of NASDAQ DKNG opened at $23.81 on Wednesday. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a market cap of $11.81 billion, a PE ratio of 396.83 and a beta of 1.67. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a 50-day moving average of $23.63 and a two-hundred day moving average of $27.87.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the firm posted ($0.07) earnings per share. The company’s revenue was up 16.8% on a year-over-year basis. As a group, equities analysts expect that DraftKings Inc. will post 0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on DKNG. Barclays lifted their price target on shares of DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Freedom Capital raised shares of DraftKings to a “strong-buy” rating in a report on Wednesday, May 20th. UBS Group reissued a “buy” rating and set a $43.00 price target on shares of DraftKings in a report on Wednesday, May 20th. Morgan Stanley reissued an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. Finally, Stephens began coverage on shares of DraftKings in a report on Friday, April 24th. They set an “overweight” rating for the company. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.32.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 2,150 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $55,040.00. Following the completion of the sale, the director directly owned 1,406 shares of the company’s stock, valued at $35,993.60. The trade was a 60.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 524,546 shares of company stock valued at $13,215,769. Insiders own 47.18% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.