Cibc World Markets Corp Sells 5,641 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cibc World Markets Corp trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 22.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,775 shares of the company’s stock after selling 5,641 shares during the quarter. Cibc World Markets Corp’s holdings in DraftKings were worth $736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $37,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the third quarter valued at about $43,000. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings in the fourth quarter valued at about $48,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Trading Up 2.7 %

Shares of NASDAQ:DKNG opened at $39.49 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a market capitalization of $19.35 billion, a PE ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The business has a 50 day moving average of $42.17 and a two-hundred day moving average of $40.27. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on DKNG shares. TD Cowen decreased their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Stifel Nicolaus lifted their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. lifted their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the completion of the transaction, the insider now directly owns 653,843 shares of the company’s stock, valued at $25,499,877. This represents a 7.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 532,095 shares of the company’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 value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,663,966 shares of company stock valued at $112,550,362. 51.19% of the stock is owned by company insiders.

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.