Robeco Institutional Asset Management B.V. Sells 374,324 Shares of DraftKings Inc. (NASDAQ:DKNG)

Robeco Institutional Asset Management B.V. lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 94.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,602 shares of the company's stock after selling 374,324 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in DraftKings were worth $925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LRI Investments LLC bought a new stake in DraftKings during the 1st quarter worth approximately $31,000. Alta Advisers Ltd purchased a new position in shares of DraftKings during the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new stake in DraftKings in the 2nd quarter worth $39,000. St. Johns Investment Management Company LLC purchased a new stake in DraftKings in the 2nd quarter worth $46,000. Finally, V Square Quantitative Management LLC bought a new stake in DraftKings during the third quarter valued at about $46,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company's stock, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company's stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm's 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 transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on DKNG. Bank of America cut their target price on DraftKings from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, July 22nd. BMO Capital Markets reaffirmed an "outperform" rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. JMP Securities boosted their target price on shares of DraftKings from $51.00 to $52.00 and gave the stock a "market outperform" rating in a report on Monday. JPMorgan Chase & Co. upped their target price on shares of DraftKings from $48.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday, September 26th. Finally, Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.48.

DraftKings Trading Up 7.7 %

NASDAQ DKNG traded up $3.08 during trading on Monday, hitting $43.21. The stock had a trading volume of 18,475,017 shares, compared to its average volume of 10,395,026. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The stock has a 50 day simple moving average of $37.66 and a 200 day simple moving average of $37.91. The stock has a market capitalization of $37.96 billion, a price-to-earnings ratio of -48.10 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. Sell-side analysts predict that DraftKings Inc. will post -0.31 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.