Dynamic Technology Lab Private Ltd Cuts Stake in DraftKings Inc. (NASDAQ:DKNG)

Dynamic Technology Lab Private Ltd cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 81.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,462 shares of the company’s stock after selling 33,172 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in DraftKings were worth $293,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alta Advisers Ltd bought a new stake in shares of DraftKings in the second quarter worth about $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings in the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings during the 2nd quarter worth approximately $46,000. V Square Quantitative Management LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $46,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of DraftKings in the second quarter valued at $47,000. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of DraftKings in a report on Monday, October 7th. Wells Fargo & Company boosted their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Finally, Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $51.04.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.65 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $38.44 billion, a price-to-earnings ratio of -49.60 and a beta of 1.82. The firm has a 50 day moving average of $39.36 and a 200 day moving average of $37.86. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.12 billion. On average, sell-side analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on 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 owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction 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 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 disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock valued at $29,902,158 over the last 90 days. 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.