Commonwealth Equity Services LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 3.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 238,359 shares of the company’s stock after selling 7,776 shares during the period. Commonwealth Equity Services LLC’s holdings in DraftKings were worth $3,608,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of DKNG. AJ Wealth Strategies LLC acquired a new position in shares of DraftKings in the 1st quarter valued at about $306,000. MetLife Investment Management LLC bought a new stake in DraftKings in the 1st quarter valued at about $387,000. Panagora Asset Management Inc. lifted its position in DraftKings by 49.0% in the 1st quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock valued at $584,000 after purchasing an additional 9,866 shares during the last quarter. Cibc World Market Inc. lifted its position in DraftKings by 26.2% in the 1st quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock valued at $423,000 after purchasing an additional 4,512 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in DraftKings by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock valued at $963,000 after purchasing an additional 1,270 shares during the last quarter. 30.60% of the stock is owned by institutional investors and hedge funds.
DraftKings Stock Performance
Shares of DKNG opened at $18.74 on Friday. The company’s 50 day moving average price is $15.97 and its 200 day moving average price is $15.21. DraftKings Inc. has a 52 week low of $9.77 and a 52 week high of $21.62. The company has a market capitalization of $15.83 billion, a PE ratio of -5.91 and a beta of 1.81.
Insider Activity at DraftKings
In related news, CAO Erik Bradbury sold 18,975 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $20.69, for a total transaction of $392,592.75. Following the transaction, the chief accounting officer now directly owns 25,721 shares of the company’s stock, valued at $532,167.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other DraftKings news, CFO Jason Park sold 112,575 shares of the business’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $20.23, for a total value of $2,277,392.25. Following the completion of the sale, the chief financial officer now directly owns 786,539 shares of the company’s stock, valued at $15,911,683.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Erik Bradbury sold 18,975 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $20.69, for a total transaction of $392,592.75. Following the completion of the sale, the chief accounting officer now directly owns 25,721 shares of the company’s stock, valued at $532,167.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 862,220 shares of company stock valued at $16,578,604. Corporate insiders own 55.92% of the company’s stock.
Analysts Set New Price Targets
DKNG has been the topic of several recent research reports. Truist Financial lifted their price objective on shares of DraftKings from $15.00 to $23.00 and gave the company a “hold” rating in a research report on Tuesday, February 21st. Morgan Stanley lifted their price objective on shares of DraftKings from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, February 22nd. Oppenheimer lifted their price objective on shares of DraftKings from $23.00 to $28.00 and gave the company an “outperform” rating in a research report on Tuesday, February 21st. Susquehanna lifted their price objective on shares of DraftKings from $19.00 to $24.00 and gave the company a “positive” rating in a research report on Wednesday, February 15th. Finally, Wells Fargo & Company boosted their price target on shares of DraftKings from $16.00 to $22.00 in a research report on Monday, February 20th. Six research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, DraftKings has an average rating of “Hold” and a consensus price target of $22.43.
About DraftKings
DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.
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