Rhumbline Advisers Reduces Stake in DraftKings Inc. (NASDAQ:DKNG)

Rhumbline Advisers lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 584,545 shares of the company's stock after selling 5,080 shares during the period. Rhumbline Advisers owned 0.07% of DraftKings worth $21,745,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of DKNG. Creative Planning grew its stake in DraftKings by 21.8% during the 3rd quarter. Creative Planning now owns 64,286 shares of the company's stock valued at $2,520,000 after acquiring an additional 11,511 shares in the last quarter. Blue Trust Inc. grew its stake in DraftKings by 94.0% during the 3rd quarter. Blue Trust Inc. now owns 10,104 shares of the company's stock valued at $386,000 after acquiring an additional 4,897 shares in the last quarter. Foundations Investment Advisors LLC grew its stake in DraftKings by 14.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company's stock valued at $1,555,000 after acquiring an additional 4,870 shares in the last quarter. Signaturefd LLC grew its stake in DraftKings by 9.0% during the 3rd quarter. Signaturefd LLC now owns 5,610 shares of the company's stock valued at $220,000 after acquiring an additional 464 shares in the last quarter. Finally, Eastern Bank purchased a new stake in DraftKings during the 3rd quarter valued at about $59,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares of the company's stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction 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 the company's stock in a transaction dated 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 directly owns 2,678,613 shares of the company's stock, valued at approximately $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,160,591 shares of company stock valued at $46,945,158. Insiders own 51.19% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on DKNG. Truist Financial increased their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of DraftKings in a research note on Friday, February 14th. Wells Fargo & Company increased their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday. Benchmark increased their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Susquehanna dropped their price target 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. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.69.

DraftKings Stock Down 7.8 %

DraftKings stock traded down $3.87 during mid-day trading on Friday, reaching $45.57. 16,259,512 shares of the company's stock were exchanged, compared to its average volume of 10,188,783. The company has a market cap of $22.33 billion, a P/E ratio of -42.99, a P/E/G ratio of 1.91 and a beta of 1.93. DraftKings Inc. has a twelve month low of $28.69 and a twelve month 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 company has a fifty day moving average of $41.30 and a 200-day moving average of $39.18.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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%. Sell-side analysts expect that DraftKings Inc. will post 0.49 EPS for the current year.

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.