Royce & Associates LP lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 46.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,000 shares of the company's stock after selling 52,000 shares during the quarter. Royce & Associates LP's holdings in DraftKings were worth $2,313,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Janney Montgomery Scott LLC increased its holdings in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock worth $14,826,000 after acquiring an additional 128,676 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of DraftKings in the second quarter worth about $1,530,000. Romano Brothers AND Company bought a new stake in shares of DraftKings in the third quarter worth about $1,181,000. Finally, US Bancorp DE grew its holdings in shares of DraftKings by 110.2% during the third quarter. US Bancorp DE now owns 859,715 shares of the company's stock worth $33,701,000 after buying an additional 450,773 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
Insider Buying and Selling at DraftKings
In other DraftKings news, insider Paul Liberman sold 643,654 shares of the company's stock in a transaction dated 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 transaction, the insider now owns 137,308 shares of the company's stock, valued at $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 available at this link. Insiders sold 820,536 shares of company stock valued at $32,916,465 in the last three months. Corporate insiders own 48.94% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on DKNG shares. Mizuho increased their price objective on DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a report on Friday, October 18th. Wells Fargo & Company increased their price objective on DraftKings from $47.00 to $52.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. The Goldman Sachs Group decreased their price objective on DraftKings from $60.00 to $54.00 and set a "buy" rating for the company in a report on Monday, August 5th. Truist Financial reiterated a "buy" rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Finally, TD Cowen increased their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $50.85.
Read Our Latest Stock Report on DraftKings
DraftKings Stock Performance
DKNG traded up $0.02 during trading on Wednesday, hitting $43.23. The stock had a trading volume of 3,350,220 shares, compared to its average volume of 10,352,219. The firm has a market cap of $38.07 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day moving average price of $38.61 and a 200-day moving average price of $37.89. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts predict that DraftKings Inc. will post -0.73 EPS for the current year.
DraftKings Company Profile
(
Free Report)
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.
Recommended Stories
Before you consider DraftKings, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DraftKings wasn't on the list.
While DraftKings currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
