Deutsche Bank AG Lowers Position in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Deutsche Bank AG reduced its holdings in DraftKings Inc. by 25.6%, owning approximately 1.78 million shares valued at $59.3 million after selling over 615,000 shares.
• DraftKings' recent earnings report showed a revenue of $1.51 billion, exceeding expectations, and an earnings per share (EPS) of $0.30, beating the consensus estimate of $0.16.
• DraftKings' stock currently has an average rating of "Moderate Buy" from analysts, with a target price around $54.50, indicating positive growth expectations.

Deutsche Bank AG lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 25.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,785,773 shares of the company's stock after selling 615,958 shares during the quarter. Deutsche Bank AG owned 0.20% of DraftKings worth $59,306,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Beacon Pointe Advisors LLC increased its holdings in shares of DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after acquiring an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in DraftKings by 0.3% during the fourth 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 in the last quarter. Snowden Capital Advisors LLC grew its holdings in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after buying an additional 296 shares in the last quarter. Obermeyer Wealth Partners grew its holdings in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock worth $297,000 after buying an additional 297 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after buying an additional 317 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director owned 5,947 shares of the company's stock, valued at approximately $209,810.16. This represents a 34.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares in the company, valued at $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 642,181 shares of company stock worth $26,615,625. Company insiders own 51.19% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DKNG. Bank of America decreased their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Susquehanna reiterated a "positive" rating and set a $64.00 price target on shares of DraftKings in a report on Friday, August 8th. JPMorgan Chase & Co. assumed coverage on DraftKings in a research note on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price objective for the company. Sanford C. Bernstein assumed coverage on DraftKings in a research note on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price objective for the company. Finally, Jefferies Financial Group restated a "buy" rating and issued a $54.00 price objective (up previously from $53.00) on shares of DraftKings in a research note on Friday, August 8th. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded up $0.06 during trading on Wednesday, reaching $43.16. 8,357,477 shares of the stock traded hands, compared to its average volume of 9,652,705. The company has a 50-day moving average of $42.01 and a 200-day moving average of $39.46. The stock has a market capitalization of $38.38 billion, a P/E ratio of -66.40, a price-to-earnings-growth ratio of 1.26 and a beta of 1.70. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%. The firm's quarterly revenue was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.12 EPS. Analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings 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.