Corient Private Wealth LLC Decreases Stock Position in DraftKings Inc. $DKNG

Corient Private Wealth LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 266,872 shares of the company’s stock after selling 33,471 shares during the period. Corient Private Wealth LLC’s holdings in DraftKings were worth $9,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares in the last quarter. Bedell Frazier Investment Counselling LLC purchased a new position in shares of DraftKings during the 3rd quarter valued at approximately $4,492,000. Waycross Partners LLC acquired a new stake in shares of DraftKings during the fourth quarter worth approximately $2,584,000. DAVENPORT & Co LLC grew its position in shares of DraftKings by 11.2% during the fourth quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock worth $119,602,000 after buying an additional 348,333 shares in the last quarter. Finally, Stableford Capital II LLC bought a new stake in shares of DraftKings in the fourth quarter worth $2,476,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the transaction, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Susquehanna cut their price target on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating on the stock in a report on Tuesday, March 31st. Sanford C. Bernstein reissued an “outperform” rating on shares of DraftKings in a report on Thursday, June 11th. Jefferies Financial Group reissued a “buy” rating on shares of DraftKings in a research report on Wednesday, June 10th. Wells Fargo & Company restated an “overweight” rating and issued a $32.00 target price on shares of DraftKings in a research note on Sunday, May 10th. Finally, Benchmark reaffirmed a “buy” rating on shares of DraftKings in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

DraftKings Trading Down 2.5%

NASDAQ:DKNG opened at $24.53 on Thursday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The firm has a market capitalization of $12.17 billion, a P/E ratio of 408.83 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50 day simple moving average of $25.04 and a 200 day simple moving average of $27.17.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company earned ($0.07) earnings per share. DraftKings’s quarterly revenue was up 16.8% compared to the same quarter last year. Equities research analysts predict that DraftKings Inc. will post 0.6 EPS for the current year.

DraftKings Profile

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.