Legal & General Group Plc decreased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 34.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,531,597 shares of the company's stock after selling 804,135 shares during the period. Legal & General Group Plc owned approximately 0.31% of DraftKings worth $56,975,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the 4th quarter valued at $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the fourth quarter valued at about $30,000. Synergy Investment Management LLC purchased a new position in DraftKings during the fourth quarter worth about $37,000. Westpac Banking Corp acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $44,000. Finally, YANKCOM Partnership acquired a new position in DraftKings in the fourth quarter valued at approximately $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on DKNG. Wells Fargo & Company increased their price target on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Citigroup reissued an "outperform" rating on shares of DraftKings in a research note on Wednesday, April 2nd. BTIG Research set a $59.00 target price on shares of DraftKings in a report on Monday, February 3rd. Benchmark upped their price target on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus lifted their price objective on DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $55.27.
Get Our Latest Stock Report on DraftKings
Insider Transactions at DraftKings
In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction dated 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 sale, the insider now owns 706,620 shares of the company's stock, valued at $26,583,044.40. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares of the company's stock, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,575,525 shares of company stock worth $109,441,446 over the last ninety days. 51.19% of the stock is currently owned by company insiders.
DraftKings Stock Performance
NASDAQ DKNG traded down $0.69 during trading on Tuesday, reaching $33.54. The company's stock had a trading volume of 11,696,337 shares, compared to its average volume of 9,801,176. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The firm has a market cap of $16.77 billion, a price-to-earnings ratio of -31.64, a P/E/G ratio of 1.43 and a beta of 2.16. The business's fifty day moving average price is $39.94 and its 200-day moving average price is $39.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.
DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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, analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.
DraftKings Company Profile
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Free Report)
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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