DekaBank Deutsche Girozentrale Sells 45,843 Shares of DraftKings Inc. (NASDAQ:DKNG)

DekaBank Deutsche Girozentrale lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 61.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,006 shares of the company’s stock after selling 45,843 shares during the period. DekaBank Deutsche Girozentrale’s holdings in DraftKings were worth $1,152,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. LRI Investments LLC bought a new stake in DraftKings in the 1st quarter worth approximately $31,000. Alta Advisers Ltd bought a new stake in shares of DraftKings during the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new stake in shares of DraftKings during the 2nd quarter valued at $39,000. Larson Financial Group LLC grew its position in shares of DraftKings by 166.0% during the 1st quarter. Larson Financial Group LLC now owns 1,117 shares of the company’s stock valued at $51,000 after acquiring an additional 697 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in shares of DraftKings during the 3rd quarter valued at $46,000. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research report on Tuesday, September 10th. Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. Bank of America cut their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, JMP Securities restated a “market outperform” rating and set a $51.00 target price on shares of DraftKings in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.22.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,536 shares of company stock worth $46,110,465 in the last three months. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DraftKings stock opened at $35.69 on Friday. The company’s 50-day moving average price is $37.33 and its 200-day moving average price is $38.04. DraftKings Inc. has a twelve month low of $27.67 and a twelve month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The company has a market cap of $31.36 billion, a PE ratio of -40.10 and a beta of 1.83.

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

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.