Cibc World Markets Corp Cuts Stake in DraftKings Inc. (NASDAQ:DKNG)

Cibc World Markets Corp trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 22.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 19,775 shares of the company’s stock after selling 5,641 shares during the quarter. Cibc World Markets Corp’s holdings in DraftKings were worth $736,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. lifted its stake in DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after acquiring an additional 26,164 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after acquiring an additional 86,336 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in DraftKings by 2.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock valued at $58,038,000 after acquiring an additional 35,466 shares during the period. Finally, Stifel Financial Corp lifted its stake in DraftKings by 27.7% during the 3rd quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock valued at $7,669,000 after acquiring an additional 42,431 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on DKNG shares. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Benchmark upped their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, Wells Fargo & Company increased their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares of the company’s stock, valued at approximately $25,499,877. This represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,663,966 shares of company stock worth $112,550,362 over the last three months. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 2.7 %

DKNG stock opened at $39.49 on Friday. The firm has a fifty day moving average price of $42.17 and a 200 day moving average price of $40.27. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $19.35 billion, a PE ratio of -37.25, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.