Marshall Wace LLP Sells 1,731,562 Shares of DraftKings Inc. (NASDAQ:DKNG)

Marshall Wace LLP lessened its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 20.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,642,132 shares of the company's stock after selling 1,731,562 shares during the period. Marshall Wace LLP owned about 1.36% of DraftKings worth $247,087,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the fourth quarter worth $28,000. Synergy Asset Management LLC bought a new position in DraftKings in the 4th quarter worth approximately $30,000. Synergy Investment Management LLC acquired a new stake in DraftKings in the 4th quarter valued at approximately $37,000. Westpac Banking Corp bought a new stake in DraftKings during the 4th quarter valued at $44,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in DraftKings during the 4th quarter worth $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction dated 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 owns 2,678,613 shares of the company's stock, valued at approximately $120,537,585. This represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated 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 transaction, the insider now directly owns 682,764 shares of the company's stock, valued at $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. Insiders sold 2,575,525 shares of company stock valued at $109,441,446 over the last quarter. Corporate insiders own 51.19% of the company's stock.

DraftKings Stock Performance

DKNG traded down $0.01 on Friday, hitting $33.61. 9,358,074 shares of the stock traded hands, compared to its average volume of 9,786,775. The business has a fifty day moving average price of $39.21 and a two-hundred day moving average price of $39.68. 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 capitalization of $29.68 billion, a PE ratio of -31.71, a P/E/G ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on DKNG shares. Morgan Stanley lifted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. Guggenheim lowered their price objective on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $60.00 price target (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and an average target price of $55.27.

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.