Tredje AP fonden Sells 32,541 Shares of DraftKings Inc. (NASDAQ:DKNG)

Tredje AP fonden decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 50.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,541 shares of the company’s stock after selling 32,541 shares during the period. Tredje AP fonden’s holdings in DraftKings were worth $1,211,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in DKNG. Baillie Gifford & Co. bought a new stake in DraftKings in the fourth quarter worth about $246,765,000. Fred Alger Management LLC lifted its stake in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. FMR LLC lifted its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Mizuho Securities USA LLC bought a new stake in DraftKings in the third quarter worth about $28,028,000. Finally, Blue Whale Capital LLP lifted its stake in DraftKings by 59.7% in the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after purchasing an additional 615,011 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Truist Financial lifted their price target on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.44.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at approximately $67,704. This represents a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was 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 of the company’s stock, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock worth $108,506,588 over the last three months. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of DKNG opened at $37.87 on Friday. The firm has a market capitalization of $18.55 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company’s fifty day moving average price is $42.14 and its 200-day moving average price is $40.09. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. 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 posted 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, equities research 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.