Ameriprise Financial Inc. Sells 1,147,294 Shares of DraftKings Inc. (NASDAQ:DKNG)

Ameriprise Financial Inc. decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 22.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,870,866 shares of the company's stock after selling 1,147,294 shares during the period. Ameriprise Financial Inc. owned 0.79% of DraftKings worth $143,996,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. 1248 Management LLC bought a new stake in DraftKings during the fourth quarter valued at $591,000. 3G Capital Partners LP bought a new position in shares of DraftKings in the fourth quarter worth approximately $2,790,000. Praetorian PR LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $15,252,000. Bienville Capital Management LLC lifted its position in DraftKings by 88.7% during the fourth quarter. Bienville Capital Management LLC now owns 521,260 shares of the company's stock valued at $19,391,000 after purchasing an additional 245,032 shares during the last quarter. Finally, Bwcp LP grew its stake in DraftKings by 23.7% in the 4th quarter. Bwcp LP now owns 492,923 shares of the company's stock worth $18,337,000 after buying an additional 94,582 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the sale, the insider now owns 601,520 shares of the company's stock, valued at approximately $19,417,065.60. The trade was a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 666,651 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,681,079 shares of company stock worth $112,941,617. 51.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Bank of America cut their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Friday. Wells Fargo & Company boosted their target price on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Canaccord Genuity Group upped their price objective 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. TD Securities cut their price target on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, Barclays decreased their price objective on DraftKings from $60.00 to $50.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. According to data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.18.

DraftKings Stock Up 2.6 %

DKNG stock traded up $0.91 during trading on Friday, hitting $36.26. 27,367,496 shares of the stock traded hands, compared to its average volume of 9,821,519. The stock has a market cap of $32.02 billion, a price-to-earnings ratio of -34.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. 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 Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm's 50 day moving average is $35.48 and its two-hundred day moving average is $39.26.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts anticipate 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.