Eagle Asset Management Inc. cut its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 34.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,576,784 shares of the company's stock after selling 1,348,054 shares during the period. Eagle Asset Management Inc. owned about 0.29% of DraftKings worth $103,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. LRI Investments LLC purchased a new position in shares of DraftKings in the first quarter valued at about $31,000. Alta Advisers Ltd purchased a new position in DraftKings in the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings in the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC bought a new stake in shares of DraftKings during the second quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of DraftKings in the third quarter worth $46,000. 37.70% of the stock is currently owned by institutional investors.
DraftKings Price Performance
DKNG stock traded down $0.49 during trading on Friday, hitting $43.06. The stock had a trading volume of 4,195,004 shares, compared to its average volume of 10,320,408. The company's 50 day moving average price is $38.82 and its two-hundred day moving average price is $37.97. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $37.92 billion, a price-to-earnings ratio of -49.59 and a beta of 1.82. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share 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 business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.12 billion. On average, sell-side analysts forecast that DraftKings Inc. will post -0.73 EPS for the current fiscal year.
Insider Activity
In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 820,536 shares of company stock valued at $32,916,465 in the last three months. Corporate insiders own 51.19% of the company's stock.
Analyst Ratings Changes
A number of analysts have issued reports on DKNG shares. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Oppenheimer lowered their target price on DraftKings from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Monday, August 5th. Truist Financial reissued a "buy" rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Susquehanna increased their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a research report on Monday, October 7th. Finally, Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.85.
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About DraftKings
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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.
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