GTS Securities LLC Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

GTS Securities LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 92.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,214 shares of the company's stock after selling 116,772 shares during the period. GTS Securities LLC's holdings in DraftKings were worth $343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. Beacon Pointe Advisors LLC boosted its holdings in shares of DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after purchasing an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in shares of DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after buying an additional 217 shares during the last quarter. Allworth Financial LP lifted its stake in 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 purchasing an additional 271 shares during the last quarter. Snowden Capital Advisors LLC lifted its stake in DraftKings by 3.5% in the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after purchasing an additional 296 shares during the last quarter. Finally, Nvwm LLC raised its holdings in DraftKings by 1.6% during 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 during the period. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the subject of several analyst reports. Northland Securities set a $50.00 price target on shares of DraftKings in a research report on Friday, April 25th. Stifel Nicolaus lowered their price target on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group set a $60.00 price objective on DraftKings and gave the stock a "buy" rating in a research note on Sunday, April 13th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. Finally, Piper Sandler reiterated an "overweight" rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.96.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the sale, the chief financial officer now owns 171,268 shares in the company, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the sale, the insider now owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. This trade represents a 4.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,285,011 shares of company stock valued at $49,481,410 in the last ninety days. Company insiders own 51.19% of the company's stock.

DraftKings Price Performance

Shares of DKNG stock traded down $0.11 on Friday, reaching $35.49. 10,061,472 shares of the company were exchanged, compared to its average volume of 9,710,903. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market cap of $31.56 billion, a price-to-earnings ratio of -33.48, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The business has a 50-day moving average price of $34.66 and a 200 day moving average price of $39.11.

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.