Capital Research Global Investors Lowers Holdings in DraftKings Inc. (NASDAQ:DKNG)

Capital Research Global Investors cut its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,660,781 shares of the company’s stock after selling 185,658 shares during the period. Capital Research Global Investors owned about 1.16% of DraftKings worth $210,581,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new position in DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings in the 4th quarter worth $30,000. Synergy Investment Management LLC purchased a new position in DraftKings during the 4th quarter worth $37,000. Westpac Banking Corp purchased a new stake in DraftKings in the fourth quarter valued at about $44,000. Finally, YANKCOM Partnership acquired a new stake in DraftKings in the fourth quarter worth about $48,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of several research reports. JPMorgan Chase & Co. upped their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Stifel Nicolaus lifted their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. TD Cowen cut their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $55.27.

Insider Activity at DraftKings

In related news, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,575,525 shares of company stock worth $109,441,446 in the last three months. 51.19% of the stock is owned by company insiders.

DraftKings Trading Down 0.0 %

Shares of DKNG stock opened at $33.61 on Monday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market cap of $29.68 billion, a PE ratio of -31.71, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a 50-day moving average of $39.21 and a two-hundred day moving average of $39.70. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

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