Future Financial Wealth Managment LLC Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Future Financial Wealth Managment LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.1% in the 1st quarter, HoldingsChannel reports. The firm owned 9,369 shares of the company’s stock after selling 400 shares during the quarter. Future Financial Wealth Managment LLC’s holdings in DraftKings were worth $575,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of DraftKings by 1.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,386,231 shares of the company’s stock valued at $902,623,000 after purchasing an additional 195,424 shares during the period. BlackRock Inc. boosted its stake in shares of DraftKings by 70.2% in the fourth quarter. BlackRock Inc. now owns 7,224,257 shares of the company’s stock valued at $336,362,000 after purchasing an additional 2,980,635 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of DraftKings by 685.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,904,822 shares of the company’s stock valued at $239,483,000 after purchasing an additional 3,407,857 shares during the period. Nikko Asset Management Americas Inc. purchased a new position in shares of DraftKings in the first quarter valued at approximately $208,802,000. Finally, Morgan Stanley boosted its stake in shares of DraftKings by 106.9% in the fourth quarter. Morgan Stanley now owns 3,382,664 shares of the company’s stock valued at $157,497,000 after purchasing an additional 1,747,764 shares during the period. 46.50% of the stock is owned by institutional investors and hedge funds.

Shares of DraftKings stock opened at $44.89 on Friday. DraftKings Inc. has a one year low of $25.35 and a one year high of $74.38. The firm has a fifty day moving average of $57.60 and a two-hundred day moving average of $54.91.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 7th. The company reported ($0.87) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.36). The business had revenue of $312.28 million for the quarter, compared to the consensus estimate of $228.34 million. On average, equities research analysts forecast that DraftKings Inc. will post -2.3 earnings per share for the current year.

In other DraftKings news, insider Jason Robins sold 333,333 shares of the company’s stock in a transaction on Friday, May 14th. The shares were sold at an average price of $44.08, for a total transaction of $14,693,318.64. Following the completion of the transaction, the insider now owns 5,165,734 shares in the company, valued at approximately $227,705,554.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Several research analysts have recently commented on DKNG shares. Macquarie raised their price objective on shares of DraftKings from $71.00 to $73.00 and gave the company an “outperform” rating in a research note on Tuesday, March 16th. The Goldman Sachs Group lifted their price target on shares of DraftKings from $79.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, March 29th. Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 price target (up previously from $73.00) on shares of DraftKings in a research note on Tuesday, March 16th. Benchmark lifted their price target on shares of DraftKings from $69.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, March 16th. Finally, Zacks Investment Research downgraded shares of DraftKings from a “hold” rating to a “sell” rating in a research note on Tuesday, May 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. DraftKings currently has a consensus rating of “Buy” and an average target price of $67.12.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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