Price T Rowe Associates Inc. MD Sells 150,366 Shares of DraftKings Inc. (NASDAQ:DKNG)

Price T Rowe Associates Inc. MD lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,409,234 shares of the company's stock after selling 150,366 shares during the period. Price T Rowe Associates Inc. MD owned 0.29% of DraftKings worth $52,425,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC acquired a new position in DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $37,000. Westpac Banking Corp acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $44,000. Finally, YANKCOM Partnership bought a new position in DraftKings in the 4th quarter worth approximately $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on DKNG shares. Mizuho decreased their price objective on DraftKings from $62.00 to $59.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Jefferies Financial Group set a $60.00 price objective on DraftKings and gave the stock a "buy" rating in a report on Sunday, April 13th. Barclays cut their price objective on shares of DraftKings from $60.00 to $50.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus lowered their target price on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Morgan Stanley upped their target price on shares of DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.48.

DraftKings Stock Up 3.0 %

NASDAQ DKNG traded up $0.99 during trading on Friday, hitting $34.25. The stock had a trading volume of 8,566,998 shares, compared to its average volume of 9,697,359. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company's 50-day moving average price is $36.26 and its two-hundred day moving average price is $39.38. The company has a market capitalization of $30.24 billion, a PE ratio of -32.31, a P/E/G ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company's stock, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares of the company's stock, valued at approximately $67,704. This represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock worth $111,145,088 in the last quarter. Corporate insiders own 51.19% of the company's stock.

DraftKings Company 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.