DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 6,646,495 shares of the company’s stock after selling 113,092 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.76% of DraftKings worth $260,543,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Marshall Wace LLP grew its position in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP bought a new stake in DraftKings during the 2nd quarter valued at $39,306,000. Kodai Capital Management LP acquired a new position in DraftKings during the 1st quarter worth $41,276,000. Finally, AQR Capital Management LLC grew its stake in shares of DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Benchmark restated a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. UBS Group boosted their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Morgan Stanley boosted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Truist Financial restated a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.64.

DraftKings Stock Performance

Shares of DraftKings stock opened at $41.71 on Wednesday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $36.64 billion, a PE ratio of -47.40 and a beta of 1.82. The business has a fifty day simple moving average of $37.83 and a 200-day simple moving average of $37.92.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. On average, sell-side analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

DraftKings 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.