Victory Capital Management Inc. Sells 366,859 Shares of DraftKings Inc. (NASDAQ:DKNG)

Victory Capital Management Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 72.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 140,867 shares of the company’s stock after selling 366,859 shares during the period. Victory Capital Management Inc.’s holdings in DraftKings were worth $5,522,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in DKNG. O Shaughnessy Asset Management LLC raised its position in shares of DraftKings by 18.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 11,267 shares of the company’s stock worth $512,000 after acquiring an additional 1,776 shares in the last quarter. UniSuper Management Pty Ltd raised its position in shares of DraftKings by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 6,000 shares of the company’s stock worth $272,000 after acquiring an additional 3,000 shares in the last quarter. CreativeOne Wealth LLC bought a new position in shares of DraftKings in the 1st quarter worth about $297,000. Advisors Asset Management Inc. raised its position in shares of DraftKings by 34.3% in the 1st quarter. Advisors Asset Management Inc. now owns 21,013 shares of the company’s stock worth $954,000 after acquiring an additional 5,368 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of DraftKings by 45.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 464,340 shares of the company’s stock valued at $21,086,000 after buying an additional 146,140 shares during the period. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on DKNG shares. Mizuho raised their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Morgan Stanley lifted their price target on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. TD Cowen lifted their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

DraftKings Stock Down 1.1 %

Shares of NASDAQ DKNG opened at $43.09 on Friday. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The business’s fifty day moving average price is $38.92 and its 200-day moving average price is $37.97. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $37.95 billion, a PE ratio of -48.97 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. On average, equities research analysts anticipate that DraftKings Inc. will post -0.73 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 823,687 shares of company stock valued at $33,054,195 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

DraftKings 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.