Massachusetts Financial Services Co. MA Sells 67,993 Shares of DraftKings Inc. $DKNG

Key Points

• Massachusetts Financial Services trimmed its DraftKings stake by 0.9%, selling 67,993 shares and now holds 7,405,106 shares (about 1.49% of the company) valued at roughly $255.2 million.
• Analysts hold a consensus "Moderate Buy" with a $36.23 target, but multiple firms recently cut price targets and investor sentiment has been hit by costly upfront spending on the new Predictions product, a ~6% intraday drop, and regulatory uncertainty (e.g., potential Ohio limits).
• Corporate insiders have been net sellers (549,495 shares worth about $14.17 million over 90 days), insiders own 47.18% while institutional ownership is 37.7%, and the stock trades near $22 with a market cap of about $11 billion.

Massachusetts Financial Services Co. MA decreased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 0.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,405,106 shares of the company's stock after selling 67,993 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.49% of DraftKings worth $255,180,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its stake in DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company's stock valued at $314,000 after buying an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company's stock valued at $1,463,000 after buying an additional 40,495 shares during the last quarter. Empowered Funds LLC increased its stake in DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock valued at $303,000 after buying an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in DraftKings in the 2nd quarter valued at about $603,000. Finally, Daiwa Securities Group Inc. increased its stake in DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company's stock valued at $1,892,000 after buying an additional 968 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Analysts maintain a consensus "Moderate Buy" rating, which provides some institutional support for the shares. DraftKings Inc. NASDAQ: DKNG Receives Consensus Recommendation of "Moderate Buy" from Analysts
• Positive Sentiment: A Wells Fargo analyst reiterated expectations that DKNG's stock could rise, offering a counterpoint to recent bearish headlines. DraftKings NASDAQ: DKNG Stock Price Expected to Rise, Wells Fargo & Company Analyst Says
• Neutral Sentiment: A valuation piece highlights DraftKings' large $6.1B revenue base but notes the stock has underperformed, framing the stock as a big but currently stressed operator. Assessing DraftKings (DKNG) Valuation As Shares Struggle Despite A US$6.1b Revenue Base
• Neutral Sentiment: 24/7 Wall St. publishes a near-term "hold" price target (~$24), signaling analysts see limited upside without clearer execution. DraftKings Price Prediction: Where The Stock Is Going This Year
• Neutral Sentiment: Short-interest data reported as zero appears to be a data anomaly and offers no clear signal on incremental bearish positioning. (Internal short-interest report)
• Neutral Sentiment: Market roundup pieces list DraftKings among movers, but they don’t add material fresh catalysts. G-III, DraftKings, Matthews, PVH, and Columbia Sportswear Shares Skyrocket, What You Need To Know
• Negative Sentiment: Investors are spooked by DraftKings' heavy upfront investment in its Predictions product — tens of millions in costs with no 2026 revenue assumed — weighing on near-term margins and sentiment. DKNG's Predictions Bet: Are Upfront Costs Clouding Near-Term Outlook?
• Negative Sentiment: Coverage reports the stock "cratered" intraday (~6% drop) as investors reacted to product-cost concerns, contributing to the recent drawdown. DraftKings Craters 6% as Predictions Product Costs Spook Investors
• Negative Sentiment: Opinion pieces urging investors to sell cite the stock's sharp six‑month decline and softer results, increasing downside pressure from retail and momentum sellers. 3 Reasons to Sell DKNG and 1 Stock to Buy Instead
• Negative Sentiment: Regulatory risk: reports that Ohio is considering sports-betting limits add jurisdictional uncertainty that could cap growth in a meaningful US market. DraftKings stock falls as Ohio mulls sports betting limits

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. UBS Group decreased their price objective on shares of DraftKings from $53.00 to $43.00 and set a "buy" rating for the company in a research note on Monday, March 16th. Citizens Jmp decreased their price objective on shares of DraftKings from $38.00 to $34.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 1st. Truist Financial decreased their price objective on shares of DraftKings from $45.00 to $33.00 and set a "buy" rating for the company in a research note on Tuesday, February 17th. Morgan Stanley decreased their price objective on shares of DraftKings from $53.00 to $40.00 and set an "overweight" rating for the company in a research note on Tuesday, February 24th. Finally, Bank of America decreased their price objective on shares of DraftKings from $37.50 to $30.00 and set a "neutral" rating for the company in a research note on Friday, February 13th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.23.

Insider Activity at DraftKings

In other news, CAO Erik Bradbury sold 2,883 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were 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 $937,406.08. This trade represents a 7.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the sale, the insider owned 500,000 shares of the company's stock, valued at approximately $16,005,000. The trade was a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 549,495 shares of company stock worth $14,166,700 over the last 90 days. Corporate insiders own 47.18% of the company's stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $22.23 on Monday. The company has a 50 day moving average of $23.99 and a 200-day moving average of $30.00. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The firm has a market cap of $11.02 billion, a P/E ratio of -555.75, a PEG ratio of 0.89 and a beta of 1.68.

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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