DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 13.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,096,202 shares of the company’s stock after selling 759,962 shares during the period. DraftKings accounts for 2.1% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 12th largest position. Nikko Asset Management Americas Inc. owned approximately 1.05% of DraftKings worth $189,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in 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 acquiring an additional 284,131 shares during the last quarter. Baillie Gifford & Co. acquired a new stake in DraftKings during the 4th quarter worth $246,765,000. FMR LLC grew its holdings in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after buying an additional 826,626 shares during the period. Fred Alger Management LLC grew its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted 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 valued at $144,963,000 after acquiring an additional 236,427 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. The trade was a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,558,412 shares of company stock valued at $108,506,588 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on DKNG. Argus set a $60.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Susquehanna dropped their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Canaccord Genuity Group raised their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Price Performance

DKNG opened at $37.87 on Monday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. 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 50-day moving average price of $42.14 and a 200-day moving average price of $40.16. The stock has a market capitalization of $18.55 billion, a P/E ratio of -35.73, a PEG ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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 analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.