Bank of Hawaii Reduces Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Bank of Hawaii reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,044 shares of the company’s stock after selling 3,669 shares during the period. Bank of Hawaii’s holdings in DraftKings were worth $1,824,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Pine Valley Investments Ltd Liability Co increased its position in shares of DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares in the last quarter. Claro Advisors LLC lifted its holdings in DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after buying an additional 264 shares in the last quarter. Allworth Financial LP raised its stake in shares of DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after acquiring an additional 288 shares during the last quarter. Finally, Nvwm LLC boosted its position in shares of DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after buying an additional 312 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

NASDAQ DKNG opened at $35.84 on Thursday. The stock’s 50-day moving average price is $40.39 and its two-hundred day moving average price is $39.96. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market cap of $17.92 billion, a PE ratio of -33.81, a PEG ratio of 1.43 and a beta of 2.16. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Benchmark raised their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. BTIG Research set a $59.00 price target on shares of DraftKings in a research note on Monday, February 3rd. Truist Financial raised their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Barclays boosted their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, Stifel Nicolaus lifted their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.69.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This trade represents a 12.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last three months. 47.08% of the stock is currently owned by corporate insiders.

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.