DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden sold 31,800 shares of DraftKings, reducing its stake by 25.9% and now holds 91,000 shares valued at approximately $3.02 million.
• DraftKings reported earnings of $0.30 per share, exceeding estimates, with a revenue of $1.51 billion, marking a 36.9% increase from the previous year.
• Institutional ownership stands at 37.70% of DraftKings shares, with various hedge funds adjusting their positions in recent quarters.

Forsta AP Fonden trimmed its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 25.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 91,000 shares of the company's stock after selling 31,800 shares during the quarter. Forsta AP Fonden's holdings in DraftKings were worth $3,022,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new position in shares of DraftKings during the fourth quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in shares of DraftKings in the first quarter valued at $26,000. Smallwood Wealth Investment Management LLC purchased a new position in shares of DraftKings in the first quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings in the fourth quarter valued at $28,000. Finally, GPS Wealth Strategies Group LLC boosted its stake in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director directly owned 5,947 shares in the company, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the sale, the insider owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 642,181 shares of company stock valued at $26,615,625. 51.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Jefferies Financial Group restated a "buy" rating and issued a $54.00 target price (up from $53.00) on shares of DraftKings in a research note on Friday, August 8th. Barclays restated an "overweight" rating and issued a $54.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. BMO Capital Markets restated an "outperform" rating and issued a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. Macquarie decreased their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. Finally, Susquehanna reiterated a "positive" rating and set a $64.00 price objective on shares of DraftKings in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $54.50.

DraftKings Stock Performance

Shares of DraftKings stock traded up $0.06 during trading hours on Wednesday, reaching $43.16. The company's stock had a trading volume of 8,357,477 shares, compared to its average volume of 9,652,705. The company's 50 day simple moving average is $42.01 and its 200 day simple moving average is $39.46. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The stock has a market cap 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.

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

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.