M&T Bank Corp Sells 16,724 Shares of DraftKings Inc. (NASDAQ:DKNG)

M&T Bank Corp trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 29.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,260 shares of the company's stock after selling 16,724 shares during the period. M&T Bank Corp's holdings in DraftKings were worth $1,539,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. increased its position in shares of DraftKings by 7.7% during the third quarter. Nomura Asset Management Co. Ltd. now owns 124,989 shares of the company's stock valued at $4,900,000 after purchasing an additional 8,901 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in DraftKings in the 3rd quarter valued at $4,066,000. Hodges Capital Management Inc. raised its stake in shares of DraftKings by 3.2% in the 3rd quarter. Hodges Capital Management Inc. now owns 776,672 shares of the company's stock valued at $30,446,000 after buying an additional 24,282 shares in the last quarter. Kensington Investment Counsel LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $233,000. Finally, Delos Wealth Advisors LLC bought a new position in shares of DraftKings during the 3rd quarter worth about $43,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Ratings Changes

DKNG has been the subject of several recent research reports. Benchmark reissued a "buy" rating and issued a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. Barclays boosted their price target on DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. TD Cowen increased their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares of the company's stock, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 3,151 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 963,742 shares of company stock worth $39,668,077. Insiders own 51.19% of the company's stock.

DraftKings Trading Down 3.8 %

NASDAQ:DKNG traded down $1.59 on Friday, hitting $39.88. 10,980,103 shares of the stock were exchanged, compared to its average volume of 10,147,942. The stock has a market capitalization of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company's 50-day moving average price is $40.07 and its 200 day moving average price is $37.96.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, equities research analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current year.

About DraftKings

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.