DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 9.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 165,751 shares of the company’s stock after selling 17,772 shares during the period. Commonwealth Equity Services LLC’s holdings in DraftKings were worth $6,166,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. boosted its stake in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after acquiring an additional 26,164 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after acquiring an additional 86,336 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of DraftKings by 2.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after acquiring an additional 35,466 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of DraftKings by 27.7% during the 3rd quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock worth $7,669,000 after acquiring an additional 42,431 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the sale, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. This represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,663,966 shares of company stock valued at $112,550,362 over the last 90 days. 51.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Barclays boosted their price target on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. BTIG Research set a $59.00 target price on DraftKings in a research note on Monday, February 3rd. 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. Needham & Company LLC set a $65.00 price target on DraftKings in a report on Tuesday, February 18th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Price Performance

DKNG opened at $39.49 on Friday. The stock has a market cap of $19.35 billion, a P/E ratio of -37.25, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a fifty day simple moving average of $42.17 and a 200 day simple moving average of $40.22.

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 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%. On average, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current 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.