Intech Investment Management LLC Has $1.04 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Intech Investment Management LLC reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 38.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,509 shares of the company’s stock after selling 16,839 shares during the period. Intech Investment Management LLC’s holdings in DraftKings were worth $1,039,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Mizuho Securities USA LLC acquired a new stake in shares of DraftKings during the third quarter worth $28,028,000. Janney Montgomery Scott LLC grew its position in shares of DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after buying an additional 350,215 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the period. Finally, Romano Brothers AND Company acquired a new stake in DraftKings during the third quarter worth approximately $1,181,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 0.1 %

Shares of NASDAQ:DKNG opened at $43.03 on Thursday. The business’s 50-day moving average is $39.20 and its 200-day moving average is $37.92. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a market capitalization of $37.89 billion, a price-to-earnings ratio of -48.90 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DKNG shares. Macquarie lifted their price objective on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research note on Tuesday, September 10th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. The Goldman Sachs Group reduced their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, JMP Securities boosted their price objective on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $51.04.

Insider Activity

In other news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 735,246 shares of company stock worth $29,902,158. Company 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.