Sumitomo Mitsui Trust Group Inc. Decreases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,646,495 shares of the company's stock after selling 113,092 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.76% of DraftKings worth $260,543,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its position in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of DraftKings during the second quarter valued at about $1,530,000. Romano Brothers AND Company bought a new position in DraftKings in the third quarter worth about $1,181,000. US Bancorp DE lifted its holdings in DraftKings by 110.2% in the third quarter. US Bancorp DE now owns 859,715 shares of the company's stock worth $33,701,000 after buying an additional 450,773 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in DraftKings by 63.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company's stock valued at $3,129,000 after acquiring an additional 31,880 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Up 0.4 %

DKNG stock traded up $0.17 during midday trading on Wednesday, reaching $41.88. 9,166,708 shares of the company's stock traded hands, compared to its average volume of 10,396,933. The company has a quick ratio of 1.11, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The stock's 50-day moving average is $38.00 and its 200 day moving average is $37.91.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.12 billion. As a group, sell-side analysts expect that DraftKings Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company's stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock valued at $39,966,465 over the last quarter. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several research reports. Stifel Nicolaus reissued a "buy" rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Tuesday, October 22nd. Oppenheimer dropped their target price on shares of DraftKings from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Monday, August 5th. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a research note on Thursday, October 17th. Finally, TD Cowen boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and a consensus price target of $50.64.

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.