Maryland State Retirement & Pension System Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Maryland State Retirement & Pension System lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 24,173 shares of the company’s stock after selling 1,256 shares during the quarter. Maryland State Retirement & Pension System’s holdings in DraftKings were worth $899,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC bought a new stake in DraftKings during the 4th quarter valued at $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the fourth quarter valued at about $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $37,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the third quarter worth about $43,000. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings in the fourth quarter worth about $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the transaction, the insider now directly owns 653,843 shares of the company’s stock, valued at $25,499,877. This represents a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,663,966 shares of company stock worth $112,550,362 over the last three months. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Performance

Shares of DKNG opened at $39.49 on Monday. The company has a market cap of $19.35 billion, a price-to-earnings ratio of -37.25, a P/E/G ratio of 1.43 and a beta of 2.07. The business’s fifty day simple moving average is $42.17 and its two-hundred day simple moving average is $40.31. 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.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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%. Research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on DKNG. Truist Financial increased their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Barclays raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Finally, JMP Securities reiterated a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $54.44.

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.