DraftKings Inc. (NASDAQ:DKNG) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lessened its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 559,026 shares of the company's stock after selling 48,893 shares during the quarter. California Public Employees Retirement System owned 0.11% of DraftKings worth $20,796,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its position in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after purchasing an additional 584,452 shares during the period. Geode Capital Management LLC increased its stake in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Norges Bank purchased a new position in DraftKings during the fourth quarter worth approximately $276,328,000. Baillie Gifford & Co. acquired a new stake in DraftKings in the fourth quarter valued at approximately $246,765,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of DraftKings by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock worth $120,576,000 after acquiring an additional 66,042 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the business's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at approximately $52,366,158. The trade was a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares of the company's stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock valued at $117,241,446 in the last three months. 51.19% of the stock is currently owned by company insiders.

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DraftKings Stock Up 0.9 %

DraftKings stock traded up $0.29 during mid-day trading on Tuesday, hitting $33.17. The company had a trading volume of 3,623,135 shares, compared to its average volume of 10,817,131. The stock has a market cap of $16.59 billion, a price-to-earnings ratio of -31.30, a PEG ratio of 1.43 and a beta of 2.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The business has a fifty day moving average of $41.05 and a 200 day moving average of $40.13.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DKNG. Piper Sandler reissued an "overweight" rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Cowen reissued a "buy" rating on shares of DraftKings in a research note on Tuesday, February 4th. Truist Financial upped their price target on DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. TD Cowen cut their price objective on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Finally, Stifel Nicolaus boosted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.69.

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.