Sei Investments Co. Cuts Position in DraftKings Inc. (NASDAQ:DKNG)

Sei Investments Co. lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 44.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 307,608 shares of the company's stock after selling 242,312 shares during the period. Sei Investments Co. owned 0.06% of DraftKings worth $11,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. bought a new stake in shares of DraftKings in the fourth quarter worth about $246,765,000. FMR LLC lifted its position in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock worth $253,509,000 after buying an additional 826,626 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in DraftKings by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock valued at $120,576,000 after buying an additional 66,042 shares during the last quarter. Finally, Contrarius Group Holdings Ltd purchased a new position in DraftKings during the 4th quarter valued at approximately $58,397,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Activity

In other news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares of the company's stock, valued at approximately $52,366,158. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares of the company's stock, valued at $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is currently owned by insiders.

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DraftKings Stock Performance

Shares of DKNG traded down $2.03 during mid-day trading on Thursday, reaching $32.40. The company had a trading volume of 15,726,652 shares, compared to its average volume of 9,658,295. The stock has a market capitalization of $16.20 billion, a P/E ratio of -30.57, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a 50 day moving average of $41.41 and a two-hundred day moving average of $40.20. 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 (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%. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DKNG. Cowen reiterated a "buy" rating on shares of DraftKings in a research report on Tuesday, February 4th. Wells Fargo & Company lifted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. TD Cowen decreased their target price on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research report on Tuesday, February 4th. Needham & Company LLC set a $65.00 price target on DraftKings in a research report on Tuesday, February 18th. Finally, JMP Securities restated a "market outperform" rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.42.

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.