DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,229 shares of the company's stock after selling 17,979 shares during the period. Hsbc Holdings PLC owned about 0.06% of DraftKings worth $10,272,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Claro Advisors LLC boosted its holdings in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP boosted its stake in shares of DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after buying an additional 271 shares during the last quarter. Westside Investment Management Inc. grew its holdings in DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after acquiring an additional 288 shares during the period. Nvwm LLC raised its position in DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after acquiring an additional 312 shares in the last quarter. Finally, Amalgamated Bank lifted its holdings in DraftKings by 1.1% in the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company's stock valued at $1,113,000 after acquiring an additional 327 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Down 1.1 %

Shares of NASDAQ:DKNG opened at $33.79 on Monday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The business has a fifty day moving average of $37.56 and a two-hundred day moving average of $39.54. The stock has a market cap of $29.84 billion, a P/E ratio of -31.88, a PEG ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last released 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company's stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares of the company's stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock worth $111,145,088 in the last 90 days. Insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Susquehanna cut their target price on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a report on Wednesday, January 8th. JMP Securities set a $57.00 price objective on shares of DraftKings in a report on Wednesday, April 2nd. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. JPMorgan Chase & Co. lifted their price target on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. Finally, Cfra Research upgraded DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and a consensus target price of $54.75.

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.

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