Avondale Wealth Management Has $2.35 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Avondale Wealth Management lessened its holdings in DraftKings Inc. (NASDAQ:DKNG) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 63,200 shares of the company’s stock after selling 1,200 shares during the period. DraftKings accounts for 1.5% of Avondale Wealth Management’s portfolio, making the stock its 15th biggest position. Avondale Wealth Management’s holdings in DraftKings were worth $2,351,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Marshall Wace LLP increased its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. raised its stake in DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after acquiring an additional 1,493,995 shares during the period. Fred Alger Management LLC lifted its holdings in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. Blue Whale Capital LLP bought a new position in DraftKings during the second quarter worth $39,306,000. Finally, AQR Capital Management LLC raised its position in shares of DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on DKNG. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Tuesday. Susquehanna reduced their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company upped their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Stock Performance

DKNG stock traded up $0.69 during midday trading on Friday, reaching $39.04. The stock had a trading volume of 3,024,863 shares, compared to its average volume of 7,527,458. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $34.38 billion, a PE ratio of -44.36 and a beta of 1.90. The firm has a fifty day simple moving average of $40.41 and a two-hundred day simple moving average of $37.90.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 852,183 shares of company stock valued at $33,503,025 in the last ninety days. 51.19% of the stock is currently owned by corporate 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.