DAVENPORT & Co LLC Decreases Position in DraftKings Inc. (NASDAQ:DKNG)

DAVENPORT & Co LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNGFree Report) by 10.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,957,568 shares of the company’s stock after selling 341,802 shares during the period. DAVENPORT & Co LLC owned approximately 0.34% of DraftKings worth $105,084,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its position in shares of DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock worth $27,000 after purchasing an additional 710 shares during the last quarter. FSC Wealth Advisors LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $37,000. Acadian Asset Management LLC purchased a new stake in shares of DraftKings during the 3rd quarter worth $45,000. CI Investments Inc. lifted its position in shares of DraftKings by 55.9% during the 3rd quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock worth $49,000 after purchasing an additional 599 shares during the last quarter. Finally, Impact Partnership Wealth LLC purchased a new stake in shares of DraftKings during the 3rd quarter worth $50,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other DraftKings news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the sale, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The disclosure for this sale can be found here. In the last three months, insiders sold 1,596,101 shares of company stock valued at $65,685,509. Company insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays raised shares of DraftKings from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $41.00 to $50.00 in a research report on Friday, February 23rd. Truist Financial reiterated a “buy” rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Susquehanna lifted their price target on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research note on Monday, March 25th. Wells Fargo & Company lifted their price target on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. Finally, BNP Paribas lowered shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research note on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $46.43.

Get Our Latest Research Report on DKNG

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $0.23 during midday trading on Tuesday, hitting $44.71. The company’s stock had a trading volume of 10,395,420 shares, compared to its average volume of 12,269,423. DraftKings Inc. has a 1-year low of $17.42 and a 1-year high of $49.57. The firm’s fifty day moving average price is $42.85 and its 200-day moving average price is $36.64. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $38.75 billion, a P/E ratio of -25.55 and a beta of 1.86.

DraftKings (NASDAQ:DKNGGet Free Report) last posted its quarterly earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the firm posted ($0.53) earnings per share. The company’s quarterly revenue was up 43.9% on a year-over-year basis. On average, sell-side analysts forecast that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

About DraftKings

(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.

See Also

Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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