River Global Investors LLP Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

River Global Investors LLP lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 40.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,693 shares of the company's stock after selling 42,701 shares during the quarter. River Global Investors LLP's holdings in DraftKings were worth $2,210,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new position in shares of DraftKings in the third quarter worth about $3,147,000. Cambridge Investment Research Advisors Inc. increased its position in DraftKings by 8.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 89,121 shares of the company's stock worth $2,624,000 after buying an additional 6,965 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in shares of DraftKings by 178.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 48,022 shares of the company's stock worth $1,414,000 after buying an additional 30,802 shares during the last quarter. Xponance Inc. boosted its position in shares of DraftKings by 1.1% in the third quarter. Xponance Inc. now owns 59,403 shares of the company's stock valued at $1,749,000 after acquiring an additional 670 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of DraftKings by 7.7% in the third quarter. Bank of New York Mellon Corp now owns 1,256,030 shares of the company's stock worth $36,978,000 after acquiring an additional 90,004 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. BMO Capital Markets raised their price objective on DraftKings from $43.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, February 16th. Moffett Nathanson lifted their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, March 28th. Needham & Company LLC reissued a "buy" rating and issued a $58.00 price target on shares of DraftKings in a report on Friday. The Goldman Sachs Group initiated coverage on shares of DraftKings in a report on Tuesday, April 16th. They set a "buy" rating and a $60.00 price objective for the company. Finally, Barclays upped their target price on shares of DraftKings from $50.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.45.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $1.21 during mid-day trading on Friday, reaching $41.82. 27,186,840 shares of the company were exchanged, compared to its average volume of 9,189,177. DraftKings Inc. has a twelve month low of $21.07 and a twelve month high of $49.57. The stock has a market capitalization of $36.24 billion, a P/E ratio of -35.44 and a beta of 1.87. The company's 50-day simple moving average is $43.58 and its 200-day simple moving average is $38.78. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The company's quarterly revenue was up 52.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.87) EPS. As a group, research analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the business'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 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. Insiders sold a total of 1,086,101 shares of company stock valued at $45,903,509 in the last 90 days. Corporate insiders own 51.19% of the company's stock.

About DraftKings

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.