Dynamic Technology Lab Private Ltd Sells 33,172 Shares of DraftKings Inc. (NASDAQ:DKNG)

Dynamic Technology Lab Private Ltd lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 81.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,462 shares of the company's stock after selling 33,172 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in DraftKings were worth $293,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC raised its position in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company's stock valued at $1,845,000 after acquiring an additional 273 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in shares of DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company's stock worth $63,000 after purchasing an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock worth $47,000 after purchasing an additional 320 shares during the last quarter. Brown Lisle Cummings Inc. raised its stake in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company's stock valued at $51,000 after purchasing an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC increased its holdings in DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company's stock valued at $81,000 after buying an additional 329 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Benchmark reiterated a "buy" rating and issued a $44.00 price target on shares of DraftKings in a report on Monday, October 7th. Truist Financial reiterated a "buy" rating and set a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. UBS Group raised their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Mizuho lifted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Finally, TD Cowen lifted their target price on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $51.04.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the business'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 transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

NASDAQ:DKNG traded up $0.28 during trading hours on Monday, reaching $43.93. The company had a trading volume of 6,104,092 shares, compared to its average volume of 10,247,572. The firm has a market capitalization of $38.69 billion, a PE ratio of -49.92 and a beta of 1.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average of $39.36 and a two-hundred day moving average of $37.86. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current year.

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.