Axxcess Wealth Management LLC Trims Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Axxcess Wealth Management LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 12.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,204 shares of the company’s stock after selling 1,291 shares during the period. Axxcess Wealth Management LLC’s holdings in DraftKings were worth $324,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in DraftKings during the fourth quarter valued at approximately $7,975,000. Deutsche Bank AG grew its stake in DraftKings by 169.1% during the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after acquiring an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in DraftKings during the third quarter valued at approximately $209,000. Schonfeld Strategic Advisors LLC grew its stake in DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after acquiring an additional 64,186 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in DraftKings by 1.1% during the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after acquiring an additional 1,237 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on DKNG. UBS Group boosted their price objective on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target for the company. in a research note on Friday, January 19th. Mizuho assumed coverage on shares of DraftKings in a research note on Tuesday, March 26th. They issued a “buy” rating and a $58.00 price target for the company. JMP Securities reissued a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a research note on Monday, March 25th. Finally, BTIG Research boosted their price target on shares of DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.07.

DraftKings Trading Down 1.1 %

NASDAQ:DKNG opened at $42.81 on Thursday. The company has a fifty day moving average of $43.69 and a 200 day moving average of $39.15. DraftKings Inc. has a 52 week low of $22.65 and a 52 week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $37.10 billion, a P/E ratio of -36.28 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the company posted ($0.87) earnings per share. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. On average, research analysts predict that DraftKings Inc. will post -0.24 earnings per share 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.