Tower Research Capital LLC TRC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 68.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,531 shares of the company's stock after selling 7,785 shares during the quarter. Tower Research Capital LLC TRC's holdings in DraftKings were worth $131,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Stonebridge Financial Group LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC bought a new stake in DraftKings during the fourth quarter worth $30,000. Synergy Investment Management LLC purchased a new stake in DraftKings during the fourth quarter worth about $37,000. Westpac Banking Corp purchased a new position in DraftKings in the fourth quarter valued at approximately $44,000. Finally, YANKCOM Partnership bought a new position in shares of DraftKings during the 4th quarter worth $48,000. Institutional investors and hedge funds own 37.70% of the company's stock.
DraftKings Price Performance
Shares of DraftKings stock traded up $0.91 during trading on Friday, reaching $36.26. The company's stock had a trading volume of 27,367,496 shares, compared to its average volume of 9,833,235. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The stock has a 50-day moving average price of $35.48 and a two-hundred day moving average price of $39.28. The stock has a market capitalization of $32.02 billion, a P/E ratio of -34.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.
DraftKings (NASDAQ:DKNG - Get Free Report) last issued 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.
Insiders Place Their Bets
In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company's stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $34.04, for a total value of $1,796,529.08. Following the transaction, the insider now directly owns 549,197 shares in the company, valued at $18,694,665.88. The trade was a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,681,079 shares of company stock valued at $112,941,617 in the last quarter. 51.19% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
DKNG has been the subject of a number of analyst reports. Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the company a "buy" rating in a research report on Sunday, April 13th. Benchmark lifted their price objective on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Wells Fargo & Company boosted their price target on DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Piper Sandler reaffirmed an "overweight" rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, TD Securities dropped their target price on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.18.
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About DraftKings
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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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