Hsbc Holdings PLC Sells 17,979 Shares of DraftKings Inc. (NASDAQ:DKNG)

Hsbc Holdings PLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 276,229 shares of the company's stock after selling 17,979 shares during the quarter. Hsbc Holdings PLC owned about 0.06% of DraftKings worth $10,272,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Claro Advisors LLC grew its position in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares during the period. Allworth Financial LP boosted its holdings in shares of DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after buying an additional 271 shares during the period. Westside Investment Management Inc. raised its holdings in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after acquiring an additional 288 shares during the period. Nvwm LLC lifted its position in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after acquiring an additional 312 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in DraftKings by 1.1% during the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company's stock worth $1,113,000 after purchasing an additional 327 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent research reports. TD Securities reduced their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. BMO Capital Markets reaffirmed an "outperform" rating and set a $65.00 price target on shares of DraftKings in a research report on Thursday, April 24th. Stifel Nicolaus lowered their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Cfra Research upgraded shares of DraftKings to a "moderate buy" rating in a report on Monday, April 14th. Finally, BTIG Research lowered their target price on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.48.

DraftKings Stock Performance

DraftKings stock traded up $0.99 during midday trading on Friday, hitting $34.25. The company's stock had a trading volume of 8,566,998 shares, compared to its average volume of 9,767,317. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a 50-day moving average price of $36.26 and a two-hundred day moving average price of $39.36. The company has a market cap of $30.24 billion, a price-to-earnings ratio of -32.31, a PEG ratio of 1.43 and a beta of 2.16. 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 (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results 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 predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm's stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $28,279,335.42. Following the transaction, the insider now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock valued at $111,145,088 over the last quarter. 51.19% of the stock is owned by company insiders.

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.