EP Wealth Advisors LLC Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

EP Wealth Advisors LLC decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 9.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,082 shares of the company’s stock after selling 744 shares during the quarter. EP Wealth Advisors LLC’s holdings in DraftKings were worth $322,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Winthrop Advisory Group LLC boosted its stake in shares of DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after purchasing an additional 244 shares in the last quarter. ST Germain D J Co. Inc. boosted its stake in shares of DraftKings by 26.3% during the 1st quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after purchasing an additional 250 shares in the last quarter. Sfmg LLC boosted its stake in shares of DraftKings by 3.9% during the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after purchasing an additional 306 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares in the last quarter. Finally, Stratos Wealth Advisors LLC boosted its stake in shares of DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after purchasing an additional 381 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DKNG. Oppenheimer cut their target price on shares of DraftKings from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Monday, July 1st. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research note on Wednesday. BMO Capital Markets boosted their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. Truist Financial dropped their price objective on shares of DraftKings from $55.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Finally, Bank of America dropped their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.67.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders sold a total of 1,383,546 shares of company stock worth $55,279,617 over the last three months. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of DKNG traded up $0.52 during mid-day trading on Friday, reaching $36.30. The stock had a trading volume of 4,833,497 shares, compared to its average volume of 7,163,508. The firm has a market cap of $31.55 billion, a price-to-earnings ratio of -30.76 and a beta of 1.81. DraftKings Inc. has a 12 month low of $25.41 and a 12 month high of $49.57. The business has a fifty day moving average of $38.43 and a 200 day moving average of $40.87. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The business’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.87) earnings per share. Equities analysts predict that DraftKings Inc. will post -0.31 EPS for the current year.

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.