First Horizon Advisors Inc. Has $138,000 Stake in DraftKings Inc. (NASDAQ:DKNG)

First Horizon Advisors Inc. lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 23.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,920 shares of the company’s stock after selling 1,195 shares during the period. First Horizon Advisors Inc.’s holdings in DraftKings were worth $138,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Summit Financial LLC boosted its stake in DraftKings by 425.6% during the 4th quarter. Summit Financial LLC now owns 49,083 shares of the company’s stock valued at $1,730,000 after purchasing an additional 39,745 shares during the last quarter. Mach 1 Financial Group LLC acquired a new position in DraftKings during the 4th quarter valued at about $842,000. Beck Bode LLC boosted its stake in shares of DraftKings by 14.6% in the 4th quarter. Beck Bode LLC now owns 62,801 shares of the company’s stock worth $2,214,000 after buying an additional 8,011 shares during the last quarter. MGO Private Wealth LLC purchased a new position in shares of DraftKings in the 4th quarter worth approximately $216,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of DraftKings by 90.9% in the 4th quarter. Russell Investments Group Ltd. now owns 86,706 shares of the company’s stock worth $3,056,000 after buying an additional 41,280 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on DKNG. Oppenheimer boosted their target price on DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Deutsche Bank Aktiengesellschaft boosted their target price on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday. UBS Group boosted their target price on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Bank Of America (Bofa) boosted their target price on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Finally, Mizuho began coverage on DraftKings in a research note on Tuesday, March 26th. They issued a “buy” rating and a $58.00 target price on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.07.

DraftKings Trading Up 5.4 %

Shares of DKNG stock opened at $44.07 on Tuesday. The company’s fifty day simple moving average is $43.66 and its two-hundred day simple moving average is $39.03. 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 1 year low of $22.65 and a 1 year high of $49.57. The stock has a market capitalization of $38.19 billion, a price-to-earnings ratio of -37.35 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 61.75% 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 period in the previous year, the company posted ($0.87) EPS. As a group, analysts anticipate that DraftKings Inc. will post -0.24 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. 48.94% of the stock is currently owned by company insiders.

About DraftKings

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.