Bokf Na Trims Stake in DraftKings Inc. (NASDAQ:DKNG)

BOKF NA decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 34.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,479 shares of the company's stock after selling 14,385 shares during the period. BOKF NA's holdings in DraftKings were worth $1,085,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in DraftKings by 14.6% during the third 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 in the last quarter. Vestmark Advisory Solutions Inc. raised its position in DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after purchasing an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC purchased a new stake in DraftKings during the fourth quarter valued at about $874,000. Highland Capital Management LLC purchased a new stake in DraftKings during the fourth quarter valued at about $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in DraftKings by 18.2% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after purchasing an additional 6,059 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.25 during midday trading on Tuesday, hitting $37.68. The company had a trading volume of 12,310,241 shares, compared to its average volume of 9,863,351. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a market cap of $33.27 billion, a price-to-earnings ratio of -35.55, a PEG ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a fifty day moving average of $35.37 and a two-hundred day moving average of $39.31.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares of the company's stock, valued at approximately $7,611,632.70. This trade represents a 46.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now directly 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,681,079 shares of company stock valued at $112,941,617. Company insiders own 51.19% of the company's stock.

Wall Street Analyst Weigh In

DKNG has been the topic of several analyst reports. Macquarie decreased their price objective on DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday. Citigroup cut their price objective on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. JMP Securities set a $57.00 price objective on DraftKings in a research report on Wednesday, April 2nd. Benchmark lifted their price objective on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Finally, Wells Fargo & Company boosted their price target on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.04.

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.