Mercer Global Advisors Inc. ADV Decreases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Mercer Global Advisors Inc. ADV reduced its position in DraftKings Inc. (NASDAQ:DKNG) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,087 shares of the company’s stock after selling 1,792 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in DraftKings were worth $1,417,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings in the fourth quarter valued at about $30,000. Synergy Investment Management LLC purchased a new position in shares of DraftKings in the fourth quarter worth about $37,000. Westpac Banking Corp acquired a new stake in shares of DraftKings during the fourth quarter worth about $44,000. Finally, YANKCOM Partnership purchased a new stake in DraftKings in the fourth quarter valued at approximately $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DKNG opened at $35.35 on Friday. The firm has a fifty day moving average price of $35.58 and a 200 day moving average price of $39.27. The stock has a market cap of $31.21 billion, a PE ratio of -33.35, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (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, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent research reports. Barclays dropped their price objective on shares of DraftKings from $60.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Cfra Research raised DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Morgan Stanley lifted their price target on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Truist Financial lowered their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Finally, TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.18.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $34.04, for a total transaction of $1,796,529.08. Following the completion of the sale, the insider now owns 549,197 shares in the company, valued at $18,694,665.88. This represents a 8.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,681,079 shares of company stock valued at $112,941,617. Insiders own 51.19% of the company’s stock.

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.