DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 17.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,390,942 shares of the company's stock after selling 1,747,618 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.98% of DraftKings worth $295,781,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of DKNG. Vanguard Group Inc. lifted its stake in DraftKings by 0.3% in the third quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company's stock worth $1,090,403,000 after acquiring an additional 109,406 shares during the period. Whale Rock Capital Management LLC purchased a new position in DraftKings during the second quarter valued at $215,687,000. Jericho Capital Asset Management L.P. lifted its position in DraftKings by 39.4% during the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company's stock valued at $210,613,000 after buying an additional 2,022,000 shares during the period. Geode Capital Management LLC lifted its position in DraftKings by 3.2% during the first quarter. Geode Capital Management LLC now owns 5,962,037 shares of the company's stock valued at $115,425,000 after buying an additional 184,476 shares during the period. Finally, Two Sigma Investments LP purchased a new position in DraftKings during the first quarter valued at $102,351,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.50 during trading on Monday, reaching $43.72. The stock had a trading volume of 7,422,530 shares, compared to its average volume of 11,874,280. The business has a fifty day moving average price of $43.77 and a 200-day moving average price of $37.57. The stock has a market cap of $37.89 billion, a PE ratio of -25.60 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 1-year low of $19.10 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.16). The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. DraftKings's revenue for the quarter was up 43.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.53) EPS. On average, equities analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on DKNG shares. Moffett Nathanson raised their price target on DraftKings from $52.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 28th. Bank Of America (Bofa) raised their price target on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Needham & Company LLC lifted their price objective on DraftKings from $54.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, March 27th. Susquehanna lifted their price objective on DraftKings from $51.00 to $54.00 and gave the stock a "positive" rating in a report on Monday, March 25th. Finally, Wells Fargo & Company raised their target price on DraftKings from $39.00 to $53.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $46.46.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company's stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares of the company's stock, valued at approximately $144,309,698.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the company's stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares of the company's stock, valued at $8,622,291.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,596,101 shares of company stock worth $65,685,509. 48.94% of the stock is currently owned by company insiders.

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.