Global Retirement Partners LLC Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Global Retirement Partners LLC cut its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 81.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,802 shares of the company’s stock after selling 38,265 shares during the period. Global Retirement Partners LLC’s holdings in DraftKings were worth $327,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DKNG. Geode Capital Management LLC raised its holdings in shares of DraftKings by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after acquiring an additional 284,131 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in DraftKings during the fourth quarter valued at $246,765,000. FMR LLC lifted its position in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Fred Alger Management LLC grew its stake in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in shares of DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after buying an additional 236,427 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. The trade was a 12.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,748,176 shares of company stock valued at $74,591,032 over the last quarter. 48.94% of the stock is owned by corporate insiders.

DraftKings Price Performance

NASDAQ DKNG opened at $44.27 on Tuesday. The company has a market cap of $21.69 billion, a PE ratio of -41.76, a P/E/G ratio of 1.43 and a beta of 1.93. The firm’s 50 day moving average price is $41.52 and its 200-day moving average price is $39.50. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

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 the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Susquehanna lowered their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company raised their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Truist Financial raised their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Three investment 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, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

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.