Wealthcare Advisory Partners LLC Purchases 1,904 Shares of DraftKings Inc. (NASDAQ:DKNG)



Wealthcare Advisory Partners LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 9.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,917 shares of the company’s stock after acquiring an additional 1,904 during the quarter. Wealthcare Advisory Partners LLC’s holdings in DraftKings were worth $446,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. increased its stake in DraftKings by 21.2% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. Now owns 12,810,865 shares of the company’s stock valued at $351,914,000 after acquiring an additional 2,240,370 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in DraftKings by 26.1% in the fourth quarter. Nikko Asset Management Americas Inc. Now owns 12,290,927 shares of the company’s stock valued at $341,688,000 after acquiring an additional 2,540,748 shares during the last quarter. Redpoint Management LLC bought a new position in DraftKings in the fourth quarter valued at approximately $189,342,000. State Street Corp increased its stake in DraftKings by 2.9% in the fourth quarter. State Street Corp now owns 6,544,020 shares of the company’s stock valued at $179,764,000 after acquiring an additional 185,138 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in DraftKings by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 4,168,008 shares of the company’s stock valued at $114,340,000 after acquiring an additional 184,631 shares during the last quarter. 33.91% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on DKNG shares. Jefferies Financial Group started coverage on shares of DraftKings in a research note on Monday, May 16th. They issued a “buy” rating on the stock. Citigroup decreased their target price on shares of DraftKings from $35.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Oppenheimer decreased their target price on shares of DraftKings from $32.00 to $24.00 in a research note on Monday, May 9th. UBS Group decreased their target price on shares of DraftKings from $44.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 17th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $31.00 target price on shares of DraftKings in a research note on Thursday, June 23rd. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.05.

Shares of NASDAQ DKNG opened at $12.76 on Wednesday. The firm’s 50-day moving average price is $13.32 and its 200-day moving average price is $18.84. DraftKings Inc. has a 1-year low of $9.77 and a 1-year high of $64.58. The firm has a market capitalization of $10.23 billion, a P/E ratio of -3.15 and a beta of 2.07. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 0.74.

DraftKings (NASDAQ:DKNG – Get Rating) last announced its quarterly earnings data on Friday, May 6th. The company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.22) by $0.08. DraftKings had a negative net margin of 117.39% and a negative return on equity of 86.40%. The firm had revenue of $417.21 million for the quarter, compared to analyst estimates of $404.20 million. Equities research analysts forecast that DraftKings Inc. will post -3.6 EPS for the current year.

DraftKings Profile (Get Rating)

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)



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