DraftKings Inc. $DKNG Stock Position Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 53.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 20,414 shares of the company’s stock after selling 23,741 shares during the period. New York State Teachers Retirement System’s holdings in DraftKings were worth $441,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Viking Global Investors LP acquired a new position in DraftKings during the third quarter worth about $561,125,000. Capital World Investors lifted its holdings in DraftKings by 181.4% in the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after acquiring an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in DraftKings by 50.8% in the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after acquiring an additional 8,524,923 shares during the last quarter. Norges Bank bought a new position in shares of DraftKings during the 4th quarter valued at about $284,466,000. Finally, AQR Capital Management LLC boosted its position in shares of DraftKings by 41.0% during the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after purchasing an additional 4,788,337 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on DKNG. Wedbush assumed coverage on shares of DraftKings in a research note on Friday, April 24th. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. cut their target price on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Moffett Nathanson lowered shares of DraftKings from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $38.00 to $27.00 in a research report on Friday, April 24th. Citizens Jmp lifted their price target on shares of DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a research report on Thursday, June 25th. Finally, Truist Financial dropped their price target on DraftKings from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.46.

Insider Buying and Selling

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock valued at $2,756,991 in the last ninety days. Company insiders own 47.18% of the company’s stock.

DraftKings Price Performance

DKNG stock opened at $26.45 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a one year low of $20.46 and a one year high of $48.78. The firm has a market capitalization of $13.12 billion, a PE ratio of 440.83 and a beta of 1.65. The firm has a 50-day moving average of $25.78 and a two-hundred day moving average of $26.36.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, analysts forecast that DraftKings Inc. will post 0.59 earnings per share for the current year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.