Victory Capital Management Inc. lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 124,677 shares of the company's stock after selling 16,190 shares during the period. Victory Capital Management Inc.'s holdings in DraftKings were worth $4,638,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings during the fourth quarter worth $30,000. Synergy Investment Management LLC acquired a new stake in DraftKings in the fourth quarter valued at $37,000. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings in the third quarter valued at $43,000. Finally, YANKCOM Partnership acquired a new position in shares of DraftKings during the 4th quarter worth $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Piper Sandler restated an "overweight" rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Stifel Nicolaus upped their price objective 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. Canaccord Genuity Group boosted 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. JMP Securities restated a "market outperform" rating and set a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. Finally, TD Cowen lowered their price objective on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $54.44.
Read Our Latest Research Report on DraftKings
DraftKings Stock Up 5.2 %
DraftKings stock traded up $1.94 during midday trading on Wednesday, hitting $38.85. The stock had a trading volume of 6,500,795 shares, compared to its average volume of 10,605,422. 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 business has a fifty day moving average price of $42.16 and a 200 day moving average price of $40.21. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock has a market cap of $19.03 billion, a P/E ratio of -36.62, a P/E/G ratio of 1.43 and a beta of 2.07.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 return on equity of 48.13% and a negative net margin of 10.64%. Research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.
Insider Activity
In related news, insider Paul Liberman sold 532,095 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,663,966 shares of company stock valued at $112,550,362. Company insiders own 51.19% of the company's stock.
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.
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