DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 30.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,403 shares of the company’s stock after selling 2,801 shares during the period. Axxcess Wealth Management LLC’s holdings in DraftKings were worth $291,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in DKNG. International Assets Investment Management LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $7,975,000. RDA Financial Network purchased a new stake in DraftKings in the first quarter valued at approximately $232,000. Arizona State Retirement System raised its position in DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after purchasing an additional 1,237 shares during the period. Fifth Third Bancorp raised its position in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in DraftKings by 135.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after purchasing an additional 129,294 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the transaction, the director now owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the sale, the insider now owns 2,668,954 shares of the company’s stock, valued at $116,339,704.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,546 shares of company stock valued at $55,279,617 in the last 90 days. 51.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research analyst reports. BTIG Research boosted their target price on DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Berenberg Bank raised DraftKings to a “hold” rating in a research report on Friday, May 31st. Jefferies Financial Group upped their price objective on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. UBS Group upped their price objective on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Finally, The Goldman Sachs Group began coverage on DraftKings in a research report on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $49.67.

DraftKings Trading Up 1.5 %

Shares of DraftKings stock opened at $36.30 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The company has a 50-day simple moving average of $38.43 and a 200 day simple moving average of $40.92. DraftKings Inc. has a 12-month low of $25.41 and a 12-month high of $49.57.

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