Tredje AP fonden Cuts Stake in DraftKings Inc. (NASDAQ:DKNG)

Tredje AP fonden lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 50.0% in the fourth quarter, Holdings Channel reports. The firm owned 32,541 shares of the company’s stock after selling 32,541 shares during the period. Tredje AP fonden’s holdings in DraftKings were worth $1,211,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of DKNG. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $37,000. Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings during the third quarter worth about $43,000. Finally, YANKCOM Partnership purchased a new stake in shares of DraftKings during the fourth quarter worth about $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock worth $108,506,588 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. TD Cowen dropped their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Truist Financial upped their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note 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. Finally, Needham & Company LLC set a $65.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Price Performance

DKNG stock opened at $37.87 on Friday. The stock has a market cap of $18.55 billion, a price-to-earnings ratio of -35.73, a PEG ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The business has a 50 day moving average price of $42.14 and a 200 day moving average price of $40.09.

DraftKings (NASDAQ:DKNG) last released 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 net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Company 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.