DraftKings Inc. (NASDAQ:DKNG) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE has reduced its stake in DraftKings Inc. by 6.3%, selling 60,162 shares and owning a total of 898,500 shares worth approximately $29.8 million.
• DraftKings stock has experienced a decrease of 2.9%, currently priced at $43.73, with an estimated market capitalization of $38.89 billion.
• Several analysts have adjusted their target prices for DraftKings, with a general consensus target price of $54.38, indicating a "Moderate Buy" sentiment among twenty-seven analysts.

US Bancorp DE decreased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 898,500 shares of the company's stock after selling 60,162 shares during the quarter. US Bancorp DE owned approximately 0.10% of DraftKings worth $29,839,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of DKNG. Natixis Advisors LLC increased its holdings in shares of DraftKings by 55.8% in the first quarter. Natixis Advisors LLC now owns 70,367 shares of the company's stock valued at $2,337,000 after purchasing an additional 25,191 shares during the last quarter. Bayforest Capital Ltd purchased a new position in DraftKings in the first quarter valued at $854,000. XTX Topco Ltd purchased a new position in DraftKings in the first quarter valued at $3,715,000. Harvest Fund Management Co. Ltd purchased a new position in DraftKings in the first quarter valued at $127,000. Finally, GSA Capital Partners LLP purchased a new position in DraftKings in the first quarter valued at $653,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DKNG. JPMorgan Chase & Co. started coverage on DraftKings in a research note on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. Barclays set a $51.00 price target on DraftKings and gave the stock an "overweight" rating in a report on Friday, July 18th. Cowen reaffirmed a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Finally, Truist Financial lifted their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $54.38.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.11 during trading on Tuesday, hitting $44.94. 9,043,433 shares of the stock were exchanged, compared to its average volume of 8,191,864. DraftKings Inc. has a 12-month low of $29.29 and a 12-month high of $53.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The company has a fifty day moving average price of $40.75 and a two-hundred day moving average price of $39.30. The company has a market cap of $39.97 billion, a PE ratio of -54.14, a P/E/G ratio of 1.52 and a beta of 1.70.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction 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 transaction, the director owned 5,947 shares of the company's stock, valued at $209,810.16. This represents a 34.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $43.53, for a total value of $4,594,765.62. Following the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $21,765,000. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock worth $20,843,217 in the last quarter. Corporate insiders own 47.08% of the company's stock.

DraftKings 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.