DraftKings Inc. (NASDAQ:DKNG) Position Reduced by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 34.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,803 shares of the company's stock after selling 7,246 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in DraftKings were worth $458,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Beacon Pointe Advisors LLC raised its stake in DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after purchasing an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV increased its holdings in shares of DraftKings by 0.3% during 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. Snowden Capital Advisors LLC raised its position in shares of DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after buying an additional 296 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in DraftKings by 16.6% in the fourth quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company's stock valued at $92,000 after acquiring an additional 353 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on DKNG shares. TD Securities cut their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Susquehanna increased their target price on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research report on Monday, May 12th. Macquarie cut their price target on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Benchmark boosted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $53.90.

DraftKings Price Performance

NASDAQ DKNG traded down $0.65 on Friday, reaching $40.68. 6,794,721 shares of the stock traded hands, compared to its average volume of 9,693,959. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market cap of $36.17 billion, a price-to-earnings ratio of -49.01, a P/E/G ratio of 1.05 and a beta of 1.67. The firm's fifty day simple moving average is $37.16 and its 200 day simple moving average is $38.49. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider owned 4,155,130 shares of the company's stock, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction on 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 owned 5,947 shares of the company's stock, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 536,627 shares of company stock worth $19,748,622. Company insiders own 51.19% of the company's stock.

About DraftKings

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.