Tredje AP fonden Has $1.21 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Tredje AP fonden trimmed its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 50.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,541 shares of the company's stock after selling 32,541 shares during the quarter. Tredje AP fonden's holdings in DraftKings were worth $1,211,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC bought a new stake in shares of DraftKings in the 3rd quarter worth approximately $28,028,000. Vestmark Advisory Solutions Inc. raised its holdings in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock worth $4,766,000 after purchasing an additional 26,164 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock worth $124,470,000 after purchasing an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after purchasing an additional 350,215 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. BTIG Research set a $59.00 target price on shares of DraftKings in a research report on Monday, February 3rd. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Finally, Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.44.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 666,651 shares of the company's stock in a transaction 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 transaction, the insider now owns 3,336,195 shares of the company's stock, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,663,966 shares of company stock worth $112,550,362. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of DraftKings stock traded up $1.63 on Wednesday, reaching $38.54. The stock had a trading volume of 9,319,118 shares, compared to its average volume of 9,618,364. The business's 50-day moving average price is $42.16 and its two-hundred day moving average price is $40.21. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The stock has a market cap of $18.88 billion, a P/E ratio of -36.36, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts forecast 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.