Cetera Investment Advisers Sells 34,398 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cetera Investment Advisers reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 384,982 shares of the company's stock after selling 34,398 shares during the quarter. Cetera Investment Advisers owned 0.08% of DraftKings worth $14,321,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Principal Financial Group Inc. lifted its stake in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after acquiring an additional 29,991 shares during the last quarter. Grassi Investment Management raised its position in DraftKings by 16.4% in the fourth quarter. Grassi Investment Management now owns 29,500 shares of the company's stock valued at $1,097,000 after purchasing an additional 4,150 shares during the last quarter. Claro Advisors LLC boosted its stake in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares in the last quarter. Oak Thistle LLC grew its holdings in shares of DraftKings by 104.8% during the fourth quarter. Oak Thistle LLC now owns 28,700 shares of the company's stock worth $1,068,000 after purchasing an additional 14,688 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of DraftKings by 172.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company's stock valued at $13,540,000 after buying an additional 230,252 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on DKNG shares. Jefferies Financial Group set a $60.00 target price on DraftKings and gave the stock a "buy" rating in a report on Sunday, April 13th. Bank of America dropped their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday. Barclays decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. TD Securities dropped their target price on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Citigroup decreased their price target on DraftKings from $65.00 to $55.00 and set a "buy" rating for the company in a report on Friday, April 25th. Two research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.18.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $36.26 on Friday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a market cap of $32.02 billion, a P/E ratio of -34.21, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a 50 day moving average of $35.48 and a 200 day moving average of $39.26.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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%. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity

In related news, Director Jocelyn Moore sold 3,420 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the transaction, the director now directly owns 1,612 shares of the company's stock, valued at approximately $67,704. This trade represents a 67.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 666,651 shares of the company's stock in a transaction that occurred on 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 sale, the insider now directly owns 3,336,195 shares of the company's stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,681,079 shares of company stock worth $112,941,617. 51.19% of the stock is currently owned by corporate insiders.

About DraftKings

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.

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