Primoris Wealth Advisors LLC Lowers Holdings in DraftKings Inc. (NASDAQ:DKNG)

Primoris Wealth Advisors LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 23.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,980 shares of the company’s stock after selling 2,785 shares during the quarter. Primoris Wealth Advisors LLC’s holdings in DraftKings were worth $334,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $30,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings in the 4th quarter worth approximately $37,000. Westpac Banking Corp purchased a new position in shares of DraftKings during the 4th quarter worth approximately $44,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in DraftKings in the 4th quarter valued at approximately $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,575,525 shares of company stock worth $109,441,446 in the last quarter. Company insiders own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DKNG. JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Citigroup reissued an “outperform” rating on shares of DraftKings in a research note on Wednesday, April 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 target price (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Canaccord Genuity Group raised their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Barclays increased their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Stock Performance

Shares of DKNG opened at $34.22 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a market cap of $17.11 billion, a PE ratio of -32.28, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company’s 50 day simple moving average is $40.10 and its 200-day simple moving average is $39.89.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.