Swiss National Bank Sells 34,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Swiss National Bank cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,305,764 shares of the company's stock after selling 34,000 shares during the quarter. Swiss National Bank owned approximately 0.15% of DraftKings worth $46,028,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Summit Financial LLC boosted its holdings in DraftKings by 425.6% in the fourth quarter. Summit Financial LLC now owns 49,083 shares of the company's stock valued at $1,730,000 after purchasing an additional 39,745 shares in the last quarter. Mach 1 Financial Group LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $842,000. Beck Bode LLC boosted its holdings in DraftKings by 14.6% in the fourth quarter. Beck Bode LLC now owns 62,801 shares of the company's stock valued at $2,214,000 after purchasing an additional 8,011 shares in the last quarter. MGO Private Wealth LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $216,000. Finally, Russell Investments Group Ltd. boosted its holdings in DraftKings by 90.9% in the fourth quarter. Russell Investments Group Ltd. now owns 86,706 shares of the company's stock valued at $3,056,000 after purchasing an additional 41,280 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays upped their price target on DraftKings from $52.00 to $54.00 and gave the company an "overweight" rating in a report on Monday. Moffett Nathanson increased their price objective on DraftKings from $52.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, March 28th. Susquehanna increased their price objective on DraftKings from $54.00 to $56.00 and gave the company a "positive" rating in a report on Monday, April 29th. Morgan Stanley increased their price objective on DraftKings from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, April 9th. Finally, BNP Paribas downgraded DraftKings from a "neutral" rating to an "underperform" rating and set a $28.00 price objective for the company. in a report on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company's stock. According to MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and an average price target of $49.07.

DraftKings Stock Down 1.7 %

DKNG stock traded down $0.77 during midday trading on Tuesday, hitting $43.30. 9,961,049 shares of the company's stock were exchanged, compared to its average volume of 11,742,121. The stock has a market capitalization of $37.53 billion, a price-to-earnings ratio of -36.69 and a beta of 1.87. The firm has a 50 day moving average price of $43.66 and a 200-day moving average price of $39.03. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a 12-month low of $22.65 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data 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). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm earned ($0.87) EPS. The company's revenue for the quarter was up 52.7% compared to the same quarter last year. On average, analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction on 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 of the company's stock, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider R Stanton Dodge sold 686,101 shares of the business's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares of the company's stock, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the business's stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock valued at $45,903,509 in the last quarter. Corporate insiders own 48.94% 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.