T. Rowe Price Investment Management Inc. Sells 7,528,503 Shares of DraftKings Inc. $DKNG

T. Rowe Price Investment Management Inc. lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 39.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,337,260 shares of the company’s stock after selling 7,528,503 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in DraftKings were worth $390,682,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC increased its position in shares of DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after acquiring an additional 40,495 shares during the last quarter. Empowered Funds LLC boosted its position in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after acquiring an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in DraftKings during the 2nd quarter worth about $603,000. Finally, Daiwa Securities Group Inc. raised its position in shares of DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock worth $1,892,000 after acquiring an additional 968 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Up 0.3%

DKNG stock opened at $26.39 on Friday. The stock’s 50 day simple moving average is $24.83 and its 200 day simple moving average is $27.42. The company has a market cap of $13.09 billion, a P/E ratio of 439.83 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78.

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

Insider Buying and Selling at DraftKings

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DKNG shares. BMO Capital Markets upped their target price on DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. Citigroup restated a “market outperform” rating on shares of DraftKings in a report on Monday, June 1st. BTIG Research raised their price objective on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Susquehanna lowered their price objective on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Tuesday, March 31st. Finally, Moffett Nathanson downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and dropped their target price for the company from $38.00 to $27.00 in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

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.