DraftKings Inc. (NASDAQ:DKNG) Position Reduced by Aviva PLC

Aviva PLC lessened its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 99.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,327 shares of the company's stock after selling 24,860,371 shares during the quarter. Aviva PLC owned about 0.05% of DraftKings worth $9,163,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in DKNG. Pilgrim Partners Asia Pte Ltd purchased a new stake in DraftKings during the fourth quarter valued at about $48,000. Resona Asset Management Co. Ltd. purchased a new position in DraftKings in the fourth quarter valued at approximately $4,670,000. Pitcairn Co. lifted its position in DraftKings by 69.2% during the fourth quarter. Pitcairn Co. now owns 25,072 shares of the company's stock valued at $933,000 after buying an additional 10,258 shares in the last quarter. Grant Private Wealth Management Inc acquired a new stake in shares of DraftKings in the fourth quarter worth $872,000. Finally, Arete Wealth Advisors LLC raised its stake in shares of DraftKings by 7.4% in the 4th quarter. Arete Wealth Advisors LLC now owns 8,336 shares of the company's stock valued at $310,000 after acquiring an additional 576 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Guggenheim decreased their price target on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday. TD Cowen decreased their price target on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a report on Tuesday, February 4th. Needham & Company LLC reiterated a "buy" rating and set a $65.00 price objective on shares of DraftKings in a research note on Monday, April 7th. Susquehanna decreased their target price on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research note on Wednesday, January 8th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $55.04.

Remove Ads

DraftKings Price Performance

DKNG stock traded up $0.16 during trading on Monday, hitting $34.38. The company had a trading volume of 1,478,558 shares, compared to its average volume of 9,772,989. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of -32.43, a P/E/G ratio of 1.43 and a beta of 2.16. 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 business has a 50 day moving average of $40.10 and a 200 day moving average of $39.88. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

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

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now directly owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the sale, the insider now directly owns 682,764 shares of the company's stock, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,575,525 shares of company stock valued at $109,441,446. 51.19% of the stock is owned by corporate insiders.

DraftKings Company 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.