New York State Common Retirement Fund Has $8.69 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

New York State Common Retirement Fund trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,610 shares of the company’s stock after selling 12,000 shares during the period. New York State Common Retirement Fund’s holdings in DraftKings were worth $8,690,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after buying an additional 284,131 shares during the last quarter. Baillie Gifford & Co. bought a new position in shares of DraftKings in the fourth quarter worth about $246,765,000. FMR LLC lifted its position in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after purchasing an additional 236,427 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on DKNG shares. Needham & Company LLC set a $65.00 price target on DraftKings in a research note on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Stock Down 4.0 %

Shares of DKNG opened at $42.51 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $20.83 billion, a PE ratio of -40.10, a P/E/G ratio of 1.43 and a beta of 1.93. The firm’s 50 day moving average is $41.55 and its 200-day moving average is $39.58. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares in the company, valued at approximately $52,366,158. This trade represents a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,414,827 shares of company stock worth $102,870,367 over the last ninety days. Corporate insiders own 48.94% of the company’s stock.

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.