Dimensional Fund Advisors LP Has $36.08 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Dimensional Fund Advisors LP lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 945,539 shares of the company’s stock after selling 54,100 shares during the period. Dimensional Fund Advisors LP owned about 0.11% of DraftKings worth $36,077,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of DKNG. US Bancorp DE increased its stake in shares of DraftKings by 18.5% in the fourth quarter. US Bancorp DE now owns 22,366 shares of the company’s stock valued at $788,000 after buying an additional 3,493 shares during the period. Steward Partners Investment Advisory LLC raised its stake in shares of DraftKings by 4.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 17,072 shares of the company’s stock valued at $602,000 after acquiring an additional 762 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of DraftKings by 150.0% during the fourth quarter. TD Asset Management Inc now owns 67,513 shares of the company’s stock worth $2,380,000 after purchasing an additional 40,513 shares during the period. Stifel Financial Corp grew its stake in shares of DraftKings by 76.7% in the fourth quarter. Stifel Financial Corp now owns 183,963 shares of the company’s stock worth $6,485,000 after purchasing an additional 79,845 shares during the last quarter. Finally, Focus Financial Network Inc. ADV acquired a new stake in shares of DraftKings in the fourth quarter valued at about $228,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DKNG. Wells Fargo & Company decreased their price objective on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Stifel Nicolaus restated a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Macquarie reiterated an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. JPMorgan Chase & Co. increased their price target on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Monday, September 23rd. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.74.

DraftKings Stock Down 2.4 %

DKNG stock opened at $38.25 on Wednesday. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The stock has a market cap of $33.25 billion, a P/E ratio of -32.42 and a beta of 1.80. The stock’s fifty day simple moving average is $35.68 and its two-hundred day simple moving average is $39.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. Analysts expect that DraftKings Inc. will post -0.31 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,195,301 shares of company stock worth $45,355,362. Insiders own 51.19% of the company’s stock.

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.