DraftKings Inc. $DKNG Stock Holdings Trimmed by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 195,028 shares of the company’s stock after selling 7,690 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in DraftKings were worth $8,365,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. AQR Capital Management LLC lifted its holdings in DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after purchasing an additional 4,486,488 shares during the period. Eminence Capital LP raised its position in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after buying an additional 3,423,909 shares in the last quarter. Nuveen LLC bought a new stake in shares of DraftKings during the 1st quarter worth about $107,739,000. AGF Management Ltd. acquired a new stake in shares of DraftKings in the 1st quarter worth approximately $83,622,000. Finally, Baillie Gifford & Co. boosted its holdings in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the transaction, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory Westin Wendt purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average price of $30.27 per share, for a total transaction of $302,700.00. Following the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at $302,700. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 340,612 shares of company stock worth $14,115,817 in the last three months. Insiders own 47.08% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $29.58 on Monday. The company has a market capitalization of $14.72 billion, a PE ratio of -51.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The stock has a fifty day moving average of $36.16 and a 200-day moving average of $39.37. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm earned ($0.60) earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. As a group, equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on DKNG. UBS Group dropped their target price on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Citigroup dropped their price objective on DraftKings from $56.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Bank of America cut DraftKings from a “buy” rating to a “neutral” rating and decreased their target price for the company from $48.00 to $35.00 in a research note on Tuesday, November 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 target price on shares of DraftKings in a report on Monday, November 10th. Twenty-six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.38.

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.