Summit Financial LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 39.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 111,153 shares of the company's stock after selling 72,118 shares during the quarter. Summit Financial LLC's holdings in DraftKings were worth $4,135,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in DKNG. Norges Bank bought a new position in shares of DraftKings in the fourth quarter worth about $276,328,000. Baillie Gifford & Co. acquired a new stake in DraftKings in the 4th quarter valued at approximately $246,765,000. Contrarius Group Holdings Ltd bought a new position in DraftKings in the 4th quarter worth approximately $58,397,000. Alliancebernstein L.P. increased its position in DraftKings by 80.5% in the 4th quarter. Alliancebernstein L.P. now owns 2,274,067 shares of the company's stock worth $84,595,000 after buying an additional 1,014,314 shares during the period. Finally, FMR LLC boosted its position in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Institutional investors own 37.70% of the company's stock.
Insider Activity
In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares of the company's stock, valued at $26,593,657.80. This trade represents a 48.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 666,651 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares of the company's stock, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock valued at $117,241,446 in the last 90 days. 51.19% of the stock is owned by company insiders.
DraftKings Trading Down 2.3 %
Shares of DKNG traded down $0.73 during trading hours on Friday, hitting $31.67. 18,103,217 shares of the stock traded hands, compared to its average volume of 9,651,548. The business has a fifty day moving average of $41.21 and a 200-day moving average of $40.16. 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 firm has a market capitalization of $15.83 billion, a PE ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.
DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the stock. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. BTIG Research set a $59.00 price objective on shares of DraftKings in a research report on Monday, February 3rd. Stifel Nicolaus increased their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. TD Cowen lowered their price target on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Finally, Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $54.42.
Check Out Our Latest Analysis on DKNG
About DraftKings
(
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.
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