Eastern Bank Decreases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Eastern Bank decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 40.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 900 shares of the company’s stock after selling 600 shares during the period. Eastern Bank’s holdings in DraftKings were worth $33,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Delos Wealth Advisors LLC purchased a new position in DraftKings in the 3rd quarter worth $43,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the third quarter valued at about $46,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares during the period. Quarry LP acquired a new stake in shares of DraftKings during the second quarter worth about $87,000. Finally, Brooklyn Investment Group purchased a new stake in DraftKings in the third quarter valued at approximately $143,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $38.72 on Thursday. 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’s 50 day simple moving average is $40.64 and its 200-day simple moving average is $37.93. The company has a market cap of $34.10 billion, a PE ratio of -44.00 and a beta of 1.90. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced 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 net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 3,151 shares of the company’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 value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,052,183 shares of company stock valued at $41,303,025. Corporate insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. BMO Capital Markets restated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Mizuho upped their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Tuesday, January 7th. Macquarie upped their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.08.

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.