DraftKings Inc. (NASDAQ:DKNG) Stock Position Reduced by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.6% during the 4th quarter, HoldingsChannel reports. The fund owned 1,406,961 shares of the company’s stock after selling 37,661 shares during the period. Victory Capital Management Inc.’s holdings in DraftKings were worth $49,595,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Mach 1 Financial Group LLC acquired a new stake in DraftKings in the fourth quarter valued at approximately $842,000. Beck Bode LLC increased its position in DraftKings by 14.6% during the fourth quarter. Beck Bode LLC now owns 62,801 shares of the company’s stock worth $2,214,000 after buying an additional 8,011 shares during the last quarter. MGO Private Wealth LLC acquired a new stake in DraftKings in the 4th quarter worth approximately $216,000. Russell Investments Group Ltd. boosted its holdings in shares of DraftKings by 90.9% during the 4th quarter. Russell Investments Group Ltd. now owns 86,706 shares of the company’s stock worth $3,056,000 after buying an additional 41,280 shares during the period. Finally, Pittenger & Anderson Inc. acquired a new position in DraftKings during the 4th quarter worth $201,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Down 2.8 %

Shares of NASDAQ DKNG opened at $41.82 on Monday. The company’s 50 day simple moving average is $43.58 and its 200 day simple moving average is $38.92. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a fifty-two week low of $21.07 and a fifty-two week high of $49.57. The firm has a market capitalization of $36.24 billion, a P/E ratio of -35.44 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the company posted ($0.87) EPS. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. On average, analysts predict that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on 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 directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated 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 directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold 1,086,101 shares of company stock valued at $45,903,509 in the last 90 days. 51.19% of the stock is owned by insiders.

Analyst Ratings Changes

DKNG has been the subject of several research analyst reports. Morgan Stanley upped their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Truist Financial reaffirmed 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. UBS Group lifted their price objective on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. JMP Securities restated a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research note on Monday, March 25th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $55.00 price target on shares of DraftKings in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.45.

DraftKings 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.