Swiss National Bank Sells 60,100 Shares of DraftKings Inc. (NASDAQ:DKNG)

Swiss National Bank lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,234,464 shares of the company’s stock after selling 60,100 shares during the quarter. Swiss National Bank owned about 0.25% of DraftKings worth $45,922,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co raised its stake in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after purchasing an additional 249 shares during the period. Claro Advisors LLC increased its stake in DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares during the last quarter. Allworth Financial LP increased its stake in DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares during the last quarter. Westside Investment Management Inc. increased its stake in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after acquiring an additional 288 shares during the last quarter. Finally, Nvwm LLC increased its stake in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after acquiring an additional 312 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG opened at $37.87 on Monday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s fifty day simple moving average is $42.14 and its 200-day simple moving average is $40.16. The company has a market capitalization of $18.55 billion, a price-to-earnings ratio of -35.73, a PEG ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Argus set a $60.00 price objective on DraftKings in a research note on Tuesday, February 18th. Truist Financial lifted their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Morgan Stanley boosted their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Cowen reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was 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 directly owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is currently owned by corporate insiders.

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.