Vinva Investment Management Ltd Sells 29,965 Shares of DraftKings Inc. (NASDAQ:DKNG)

Vinva Investment Management Ltd lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 68.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,120 shares of the company's stock after selling 29,965 shares during the quarter. Vinva Investment Management Ltd's holdings in DraftKings were worth $570,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. LRI Investments LLC acquired a new position in shares of DraftKings during the 1st quarter valued at $33,000. Alta Advisers Ltd purchased a new stake in shares of DraftKings in the second quarter worth about $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the second quarter valued at about $39,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at about $46,000. Finally, Creative Financial Designs Inc. ADV lifted its position in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock worth $47,000 after acquiring an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DKNG. Needham & Company LLC reissued a "buy" rating and set a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. JMP Securities upped their price objective on shares of DraftKings from $51.00 to $52.00 and gave the company a "market outperform" rating in a research report on Monday, November 11th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Mizuho raised their price objective on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, DraftKings presently has an average rating of "Moderate Buy" and a consensus price target of $51.04.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the company's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock valued at $29,902,158 over the last ninety days. 51.19% of the stock is owned by insiders.

DraftKings Stock Up 1.4 %

DraftKings stock traded up $0.62 during mid-day trading on Friday, hitting $43.65. The company's stock had a trading volume of 3,610,727 shares, compared to its average volume of 10,377,830. The company has a market cap of $38.44 billion, a PE ratio of -49.60 and a beta of 1.82. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. 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 firm's 50 day moving average is $39.36 and its 200 day moving average is $37.92.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. On average, analysts anticipate that DraftKings Inc. will post -0.79 earnings per share for the current year.

DraftKings 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.