Brown Brothers Harriman & Co. Has $452,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Brown Brothers Harriman & Co. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 33.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 11,850 shares of the company’s stock after selling 6,000 shares during the period. Brown Brothers Harriman & Co.’s holdings in DraftKings were worth $452,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after purchasing an additional 747,937 shares during the last quarter. Norges Bank bought a new position in shares of DraftKings in the fourth quarter worth about $192,140,000. First Trust Advisors LP boosted its position in DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after buying an additional 2,528,503 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of DraftKings by 20.6% during the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after buying an additional 663,427 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in shares of DraftKings in the 4th quarter valued at $87,829,000. 37.70% of the stock is owned by institutional investors.

DraftKings Price Performance

DKNG opened at $38.95 on Wednesday. The firm’s fifty day moving average price is $35.33 and its two-hundred day moving average price is $39.51. The company has a market capitalization of $33.86 billion, a price-to-earnings ratio of -33.01 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the company posted ($0.17) earnings per share. DraftKings’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 63,206 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,220,537 shares of company stock valued at $44,784,070. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on DKNG. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Monday. Macquarie reaffirmed an “outperform” rating and set a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Oppenheimer decreased their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Morgan Stanley restated an “overweight” rating and set a $47.00 price target on shares of DraftKings in a report on Wednesday, September 11th. Finally, UBS Group increased their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.78.

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.