Sumitomo Mitsui Trust Group Inc. lowered its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,400,068 shares of the company's stock after selling 522,239 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.61% of DraftKings worth $179,336,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DKNG. Janus Henderson Group PLC boosted its holdings 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 purchasing an additional 9,352,019 shares during the period. Norges Bank purchased a new position in DraftKings in the 4th quarter worth $276,328,000. FMR LLC lifted its stake in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Eminence Capital LP purchased a new stake in DraftKings during the fourth quarter valued at about $65,255,000. Finally, Contrarius Group Holdings Ltd bought a new position in shares of DraftKings during the fourth quarter valued at about $58,397,000. 37.70% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
DKNG has been the topic of a number of analyst reports. Truist Financial decreased their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. TD Securities lowered their price target on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Macquarie dropped their price target on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Benchmark raised their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Finally, JMP Securities lowered their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research note on Thursday, June 5th. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.14.
Check Out Our Latest Stock Analysis on DraftKings
DraftKings Stock Down 1.6%
DraftKings stock traded down $0.67 during mid-day trading on Wednesday, reaching $41.32. The stock had a trading volume of 14,238,485 shares, compared to its average volume of 9,676,589. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a 50-day moving average price of $36.75 and a two-hundred day moving average price of $38.46. The company has a market capitalization of $36.75 billion, a price-to-earnings ratio of -49.78, a PEG ratio of 1.10 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20.
Insider Activity
In other news, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider owned 504,381 shares in the company, valued at $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director directly 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. Insiders sold a total of 536,627 shares of company stock valued at $19,748,622 over the last ninety days. 47.08% of the stock is currently owned by corporate insiders.
DraftKings Profile
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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.
Further Reading
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