USS Investment Management Ltd decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 18.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,936 shares of the company's stock after selling 18,593 shares during the quarter. USS Investment Management Ltd's holdings in DraftKings were worth $3,010,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Vestmark Advisory Solutions Inc. grew its holdings in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after acquiring an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC bought a new position in shares of DraftKings in the 4th quarter valued at about $874,000. Highland Capital Management LLC bought a new position in shares of DraftKings in the 4th quarter valued at about $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after acquiring an additional 6,059 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its holdings in shares of DraftKings by 30.4% in the 4th quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company's stock valued at $1,925,000 after acquiring an additional 12,074 shares in the last quarter. Institutional investors own 37.70% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on DKNG shares. Stifel Nicolaus decreased their price objective on DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Truist Financial decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Barclays decreased their price objective on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. Northland Securities set a $50.00 target price on shares of DraftKings in a report on Friday, April 25th. Finally, TD Cowen reduced their target price on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.04.
Check Out Our Latest Research Report on DKNG
DraftKings Price Performance
Shares of NASDAQ:DKNG traded up $0.47 during midday trading on Tuesday, hitting $35.55. The stock had a trading volume of 7,059,786 shares, compared to its average volume of 9,869,321. The company's 50-day moving average price is $34.97 and its 200-day moving average price is $39.26. The company has a market capitalization of $31.61 billion, a P/E ratio of -33.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.
Insider Buying and Selling
In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the sale, the insider now directly owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. The trade was a 4.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business's stock in a transaction on Friday, May 16th. The stock was 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 directly owns 171,268 shares in the company, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. 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 three months. 51.19% of the stock is 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.
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