Oppenheimer & Co. Inc. Sells 25,114 Shares of DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer & Co. Inc. reduced its position in DraftKings Inc. (NASDAQ:DKNGFree Report) by 20.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,067 shares of the company’s stock after selling 25,114 shares during the period. Oppenheimer & Co. Inc.’s holdings in DraftKings were worth $3,527,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of DKNG. International Assets Investment Management LLC purchased a new position in shares of DraftKings in the 4th quarter worth approximately $7,975,000. Deutsche Bank AG grew its stake in DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at $209,000. Schonfeld Strategic Advisors LLC raised its stake in shares of DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after purchasing an additional 64,186 shares during the period. Finally, Arizona State Retirement System boosted its holdings in shares of DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after buying an additional 1,237 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on DKNG. Bank Of America (Bofa) upped their price objective on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. The Goldman Sachs Group initiated coverage on DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective for the company. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a report on Wednesday. Moffett Nathanson lifted their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Finally, Jefferies Financial Group upped their price target on shares of DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Get Our Latest Stock Analysis on DKNG

DraftKings Stock Performance

NASDAQ:DKNG opened at $36.89 on Friday. DraftKings Inc. has a 52-week low of $24.16 and a 52-week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a fifty day simple moving average of $42.03 and a 200-day simple moving average of $40.33.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm’s revenue was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.87) earnings per share. Equities research analysts predict that DraftKings Inc. will post -0.21 earnings per share for the current year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the transaction, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 601,450 shares of company stock worth $25,486,084. 51.19% of the stock is owned by company insiders.

DraftKings Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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