Stephens Inc. AR Sells 25,282 Shares of DraftKings Inc. $DKNG

Stephens Inc. AR reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 64.4% in the fourth quarter, Holdings Channel reports. The fund owned 13,986 shares of the company’s stock after selling 25,282 shares during the quarter. Stephens Inc. AR’s holdings in DraftKings were worth $482,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dagco Inc. bought a new position in shares of DraftKings during the 4th quarter valued at approximately $26,000. Ameriflex Group Inc. boosted its position in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $33,000. Asset Dedication LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $37,000. Finally, AlphaQuest LLC bought a new stake in DraftKings in the third quarter worth $41,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of analyst reports. Wells Fargo & Company restated an “overweight” rating and issued a $32.00 price target on shares of DraftKings in a research report on Sunday, May 10th. Guggenheim lowered their price target on DraftKings from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Argus downgraded DraftKings from a “buy” rating to a “hold” rating in a research report on Tuesday, March 17th. Roth Mkm upgraded DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. Finally, BNP Paribas Exane initiated coverage on DraftKings in a research report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price target for the company. Twenty-seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $34.32.

DraftKings Stock Up 1.6%

NASDAQ:DKNG opened at $25.40 on Friday. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The company has a market cap of $12.60 billion, a price-to-earnings ratio of 423.33 and a beta of 1.67. The stock has a fifty day simple moving average of $23.69 and a 200-day simple moving average of $27.96. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. Analysts anticipate that DraftKings Inc. will post 0.62 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Erik Bradbury sold 2,883 shares of DraftKings stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the sale, the chief accounting officer directly owned 38,168 shares in the company, valued at approximately $937,406.08. This trade represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 523,684 shares of company stock valued at $13,193,934 in the last three months. 47.18% of the stock is owned by company insiders.

DraftKings Company Profile

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.