Intech Investment Management LLC Has $1.04 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Intech Investment Management LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 38.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,509 shares of the company’s stock after selling 16,839 shares during the quarter. Intech Investment Management LLC’s holdings in DraftKings were worth $1,039,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Marshall Wace LLP lifted its stake in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of DraftKings by 8.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after buying an additional 441,975 shares during the period. AQR Capital Management LLC boosted its stake in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares in the last quarter. Fred Alger Management LLC raised its stake in DraftKings by 8.2% during the second quarter. Fred Alger Management LLC now owns 3,167,849 shares of the company’s stock worth $120,917,000 after acquiring an additional 239,035 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in DraftKings by 14.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,400,331 shares of the company’s stock worth $94,093,000 after acquiring an additional 298,365 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Down 0.1 %

Shares of NASDAQ:DKNG opened at $43.03 on Thursday. The company has a 50 day moving average price of $39.20 and a two-hundred day moving average price of $37.92. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DKNG. Oppenheimer lowered their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Macquarie upped their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Susquehanna lifted their target price on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. UBS Group increased their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, JMP Securities lifted their price objective on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $51.04.

Insider Activity

In other news, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 735,246 shares of company stock worth $29,902,158 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.