Daiwa Securities Group Inc. Sells 366 Shares of DraftKings Inc. (NASDAQ:DKNG)

Daiwa Securities Group Inc. cut its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 35,263 shares of the company’s stock after selling 366 shares during the quarter. Daiwa Securities Group Inc.’s holdings in DraftKings were worth $1,243,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of DKNG. CWM LLC boosted its position in DraftKings by 4.3% during the third quarter. CWM LLC now owns 14,345 shares of the company’s stock valued at $422,000 after acquiring an additional 589 shares during the last quarter. DnB Asset Management AS bought a new stake in shares of DraftKings during the 3rd quarter valued at about $1,600,000. Arkadios Wealth Advisors grew its stake in DraftKings by 6.2% during the third quarter. Arkadios Wealth Advisors now owns 8,928 shares of the company’s stock worth $263,000 after purchasing an additional 520 shares during the period. Impact Partnership Wealth LLC acquired a new stake in DraftKings during the third quarter worth approximately $50,000. Finally, Newbridge Financial Services Group Inc. increased its holdings in DraftKings by 227.6% in the third quarter. Newbridge Financial Services Group Inc. now owns 11,105 shares of the company’s stock worth $327,000 after purchasing an additional 7,715 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,396,101 shares of company stock worth $58,121,509. 48.94% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent analyst reports. Susquehanna raised their price objective on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday, March 25th. Oppenheimer lifted their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Moffett Nathanson increased their price objective on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Needham & Company LLC boosted their target price on DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, March 27th. Finally, Truist Financial reiterated a “buy” rating and issued a $55.00 price target (up previously from $45.00) on shares of DraftKings in a report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

DraftKings Stock Performance

DKNG stock opened at $41.21 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a market cap of $35.71 billion, a PE ratio of -23.55 and a beta of 1.86. The business has a 50 day moving average of $43.69 and a 200-day moving average of $38.22. DraftKings Inc. has a 12-month low of $20.26 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.53) EPS. As a group, sell-side analysts expect that DraftKings Inc. will post -0.25 earnings per share for the current year.

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.