River Global Investors LLP Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

River Global Investors LLP cut its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 34.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,157 shares of the company's stock after selling 14,911 shares during the period. River Global Investors LLP's holdings in DraftKings were worth $1,047,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $37,000. Delos Wealth Advisors LLC acquired a new stake in shares of DraftKings in the third quarter worth $43,000. Finally, YANKCOM Partnership purchased a new position in shares of DraftKings during the fourth quarter worth $48,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the business's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company's stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock valued at $108,506,588 over the last quarter. 51.19% of the stock is owned by company insiders.

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Analyst Ratings Changes

Several equities research analysts have commented on the stock. Susquehanna lowered their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Stifel Nicolaus upped their target price on DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. BTIG Research set a $59.00 price target on DraftKings in a research report on Monday, February 3rd. Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.44.

DraftKings Trading Down 0.1 %

DraftKings stock traded down $0.03 during midday trading on Wednesday, hitting $38.63. 10,180,117 shares of the stock were exchanged, compared to its average volume of 9,634,124. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $18.93 billion, a price-to-earnings ratio of -36.44, a PEG ratio of 1.43 and a beta of 2.07. The stock's 50-day simple moving average is $42.09 and its 200 day simple moving average is $40.10. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, equities analysts anticipate that DraftKings Inc. will post 0.64 EPS 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.