IMA Wealth Inc. Sells 1,384 Shares of DraftKings Inc. (NASDAQ:DKNG)

IMA Wealth Inc. lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,466 shares of the company’s stock after selling 1,384 shares during the period. IMA Wealth Inc.’s holdings in DraftKings were worth $1,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of DraftKings by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock worth $1,090,403,000 after purchasing an additional 109,406 shares in the last quarter. Jericho Capital Asset Management L.P. raised its stake in DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after acquiring an additional 2,022,000 shares during the period. Ameriprise Financial Inc. raised its stake in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after acquiring an additional 3,444,107 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in DraftKings in the 3rd quarter valued at $107,276,000. Finally, Lord Abbett & CO. LLC bought a new stake in DraftKings in the 3rd quarter valued at $91,790,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research analyst reports. Oppenheimer increased their price target on DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Needham & Company LLC increased their price target on DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. JMP Securities restated a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. Piper Sandler increased their price objective on DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Finally, The Goldman Sachs Group started 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 research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.31.

DraftKings Price Performance

NASDAQ:DKNG traded up $2.04 during trading hours on Friday, hitting $43.13. The company’s stock had a trading volume of 9,077,973 shares, compared to its average volume of 8,883,733. The stock has a fifty day simple moving average of $43.54 and a 200-day simple moving average of $38.35. The company has a market capitalization of $37.38 billion, a P/E ratio of -24.65 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a twelve month low of $20.26 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. DraftKings’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.53) earnings per share. On average, analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 510,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,596,101 shares of company stock worth $66,303,509. 51.19% of the stock is owned by corporate insiders.

DraftKings 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.