River Global Investors LLP Has $2.21 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

River Global Investors LLP lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 40.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,693 shares of the company’s stock after selling 42,701 shares during the period. River Global Investors LLP’s holdings in DraftKings were worth $2,210,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of DraftKings by 0.3% during the third quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock valued at $1,090,403,000 after acquiring an additional 109,406 shares during the period. Jericho Capital Asset Management L.P. raised its stake in DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of DraftKings in the third quarter worth $107,276,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of DraftKings in the third quarter worth $91,790,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Insiders sold 1,086,101 shares of company stock worth $45,903,509 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

DKNG traded down $1.21 during midday trading on Friday, reaching $41.82. The company’s stock had a trading volume of 27,186,840 shares, compared to its average volume of 9,189,177. The company has a fifty day simple moving average of $43.58 and a 200 day simple moving average of $38.78. The stock has a market cap of $36.24 billion, a P/E ratio of -35.44 and a beta of 1.87. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a twelve month low of $21.07 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the business earned ($0.87) earnings per share. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. Research analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on DKNG shares. BNP Paribas lowered DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research report on Friday, January 19th. Stifel Nicolaus upgraded shares of DraftKings from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $45.00 in a research note on Friday, January 19th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research report on Thursday, March 28th. UBS Group boosted their price target on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, Susquehanna upped their price target on shares of DraftKings from $54.00 to $56.00 and gave the stock a “positive” rating in a research note on Monday, April 29th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.45.

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.