UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $54.46 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,463,924 shares of the company's stock after selling 16,625 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.30% of DraftKings worth $54,458,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new position in DraftKings in the 4th quarter valued at about $25,000. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the fourth quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings during the fourth quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new stake in DraftKings in the 4th quarter worth approximately $30,000. Finally, Synergy Investment Management LLC acquired a new position in DraftKings in the 4th quarter valued at $37,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DKNG has been the subject of several analyst reports. Northland Securities set a $50.00 target price on DraftKings in a research note on Friday, April 25th. Cowen restated a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Argus set a $60.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Wells Fargo & Company lifted their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Finally, Truist Financial lowered their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, DraftKings has an average rating of "Moderate Buy" and a consensus price target of $55.04.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. The trade was a 48.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the sale, the chief financial officer now owns 171,268 shares in the company, valued at $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,285,011 shares of company stock worth $49,481,410 in the last quarter. Corporate insiders own 51.19% of the company's stock.

DraftKings Trading Down 1.5%

DraftKings stock traded down $0.53 during trading hours on Wednesday, reaching $35.02. 5,440,919 shares of the company's stock traded hands, compared to its average volume of 9,722,363. The firm has a market capitalization of $31.14 billion, a price-to-earnings ratio of -33.04, a PEG ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm's 50 day moving average is $34.91 and its 200-day moving average is $39.23.

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.