New York State Common Retirement Fund lessened its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 223,510 shares of the company's stock after selling 10,100 shares during the quarter. New York State Common Retirement Fund's holdings in DraftKings were worth $7,423,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its stake in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after buying an additional 9,352,019 shares in the last quarter. Norges Bank acquired a new position in DraftKings in the 4th quarter valued at $276,328,000. FMR LLC raised its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Eminence Capital LP acquired a new position in DraftKings in the 4th quarter valued at $65,255,000. Finally, Fernbridge Capital Management LP acquired a new position in DraftKings in the 4th quarter valued at $49,220,000. Hedge funds and other institutional investors own 37.70% of the company's stock.
DraftKings Stock Performance
Shares of NASDAQ:DKNG traded up $0.15 during trading hours on Tuesday, hitting $44.62. The stock had a trading volume of 2,874,433 shares, compared to its average volume of 9,688,742. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $39.68 billion, a price-to-earnings ratio of -53.75, a PEG ratio of 1.38 and a beta of 1.67. The stock's fifty day simple moving average is $38.97 and its 200 day simple moving average is $38.84.
Insider Buying and Selling at DraftKings
In related news, insider R Stanton Dodge sold 158,331 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the transaction, the insider owned 504,381 shares of the company's stock, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the transaction, the director directly owned 5,947 shares of the company's stock, valued at $209,810.16. This represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 483,850 shares of company stock valued at $18,044,980. 47.08% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Several analysts recently issued reports on the company. Mizuho lowered their price target on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Benchmark increased their price target on DraftKings from $45.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, July 15th. Citigroup reiterated a "buy" rating on shares of DraftKings in a report on Friday, July 11th. Bank of America lowered 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. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $54.10.
View Our Latest Analysis on DKNG
About DraftKings
(
Free Report)
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.
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