Massachusetts Financial Services Co. MA Decreases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Massachusetts Financial Services Co. MA decreased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 0.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,760,744 shares of the company's stock after selling 16,527 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.66% of DraftKings worth $225,821,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of DKNG. LRI Investments LLC acquired a new stake in DraftKings in the 1st quarter worth about $31,000. Alta Advisers Ltd purchased a new position in shares of DraftKings in the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the second quarter worth approximately $39,000. St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings during the second quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the third quarter worth approximately $46,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DKNG. Benchmark restated a "buy" rating and issued a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. Morgan Stanley raised their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 22nd. UBS Group upped their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Macquarie increased their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Finally, Oppenheimer lowered their target price on DraftKings from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Monday, August 5th. Three equities research 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, DraftKings has a consensus rating of "Moderate Buy" and a consensus target price of $50.85.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on 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 transaction, the insider now owns 2,498,483 shares of the company's stock, valued at $89,045,934.12. This represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 823,687 shares of company stock valued at $33,054,195 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

DraftKings Trading Down 1.1 %

Shares of NASDAQ DKNG opened at $43.09 on Friday. The stock has a fifty day simple moving average of $38.92 and a 200-day simple moving average of $37.97. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $37.95 billion, a PE ratio of -48.97 and a beta of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (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 analysts' expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities analysts forecast that DraftKings Inc. will post -0.73 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.

Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.