Comerica Bank Has $2.06 Million Stock Position in DraftKings Inc. $DKNG

Key Points

• Comerica Bank trimmed its DraftKings stake by 76.6% in Q4, selling 195,317 shares and retaining 59,733 shares worth about $2.06 million.
• Insider activity was mixed: Director Harry Sloan bought 100,000 shares (~$2.19M) while other insiders sold a total of 496,718 shares (~$12.48M) in the last 90 days, and insiders now own 47.18% of the company.
• Analysts hold a consensus of Moderate Buy (27 Buys, 8 Holds, 2 Sells) with an average target price of $34.84 versus the recent share price around $23.92, implying notable upside.

Comerica Bank trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 76.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,733 shares of the company's stock after selling 195,317 shares during the period. Comerica Bank's holdings in DraftKings were worth $2,058,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its position in DraftKings by 1,996.2% in the 3rd quarter. Nordea Investment Management AB now owns 421,127 shares of the company's stock worth $16,205,000 after purchasing an additional 401,037 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in DraftKings by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company's stock worth $279,494,000 after purchasing an additional 79,152 shares during the last quarter. Citigroup Inc. increased its position in DraftKings by 40.6% in the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company's stock worth $72,547,000 after purchasing an additional 560,139 shares during the last quarter. Vanguard Group Inc. increased its position in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company's stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC acquired a new position in DraftKings in the 3rd quarter worth about $4,492,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DKNG. BMO Capital Markets upped their target price on DraftKings from $42.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 3rd. Oppenheimer dropped their target price on DraftKings from $50.00 to $35.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 17th. Citigroup dropped their target price on DraftKings from $32.00 to $29.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. HSBC raised DraftKings from a "hold" rating to a "hold" rating in a research report on Friday, April 24th. Finally, Barclays dropped their target price on DraftKings from $37.00 to $33.00 and set an "overweight" rating on the stock in a research report on Thursday, April 16th. Twenty-seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $34.84.

Insider Buying and Selling

In other news, CAO Erik Bradbury sold 2,883 shares of the company's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the sale, the chief accounting officer owned 38,168 shares in the company, valued at approximately $937,406.08. This represents a 7.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harry Sloan purchased 100,000 shares of the firm's stock in a transaction dated Tuesday, February 17th. The shares were bought at an average price of $21.85 per share, with a total value of $2,185,000.00. Following the purchase, the director owned 350,219 shares in the company, valued at $7,652,285.15. This represents a 39.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have sold 496,718 shares of company stock worth $12,477,308. Insiders own 47.18% of the company's stock.

DraftKings Stock Performance

DKNG opened at $23.92 on Thursday. The company has a market cap of $11.86 billion, a PE ratio of -598.00, a price-to-earnings-growth ratio of 1.14 and a beta of 1.67. The stock has a 50-day moving average of $23.50 and a 200-day moving average of $28.54. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.

About DraftKings

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.

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