Ontario Teachers Pension Plan Board Sells 22,846 Shares of DraftKings Inc. (NASDAQ:DKNG)

Ontario Teachers Pension Plan Board reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 81.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 5,244 shares of the company's stock after selling 22,846 shares during the period. Ontario Teachers Pension Plan Board's holdings in DraftKings were worth $206,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Global Retirement Partners LLC increased 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 purchasing an additional 273 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in shares of DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company's stock worth $63,000 after acquiring an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of 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 acquiring an additional 320 shares during the last quarter. Brown Lisle Cummings Inc. boosted its stake in shares of DraftKings by 32.5% in 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 in the last quarter. Finally, HighMark Wealth Management LLC grew its holdings in shares of DraftKings by 18.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company's stock valued at $81,000 after purchasing an additional 329 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several analyst reports. Truist Financial restated a "buy" rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. JMP Securities raised their price target on DraftKings from $51.00 to $52.00 and gave the stock a "market outperform" rating in a research report on Monday, November 11th. Mizuho boosted their price objective on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. Morgan Stanley raised their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. Finally, Oppenheimer lowered their price target on shares of DraftKings from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.85.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.09 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The stock has a fifty day simple moving average of $38.92 and a two-hundred day simple moving average of $37.97. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly 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 firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, equities research analysts expect that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity

In other 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 of the company's stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 823,687 shares of company stock worth $33,054,195 over the last 90 days. 51.19% of the stock is currently owned by insiders.

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.