DraftKings Inc. $DKNG Shares Sold by Candriam S.C.A.

Candriam S.C.A. decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 12.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,261 shares of the company’s stock after selling 3,087 shares during the period. Candriam S.C.A.’s holdings in DraftKings were worth $955,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Atlanta Consulting Group Advisors LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $225,000. Police & Firemen s Retirement System of New Jersey grew its position in DraftKings by 10.9% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 72,994 shares of the company’s stock worth $3,131,000 after purchasing an additional 7,147 shares during the last quarter. Geode Capital Management LLC increased its stake in DraftKings by 5.4% in the second quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock valued at $385,552,000 after purchasing an additional 458,452 shares during the period. Forsta AP Fonden raised its holdings in shares of DraftKings by 1.5% in the second quarter. Forsta AP Fonden now owns 92,400 shares of the company’s stock valued at $3,963,000 after buying an additional 1,400 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of DraftKings by 8.1% during the second quarter. SBI Securities Co. Ltd. now owns 8,947 shares of the company’s stock worth $384,000 after buying an additional 674 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. Northland Securities upgraded DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. BTIG Research dropped their target price on DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Truist Financial cut their price target on DraftKings from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Bank of America lowered shares of DraftKings from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $48.00 to $35.00 in a research report on Tuesday, November 4th. Finally, Citigroup cut their price objective on shares of DraftKings from $56.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Twenty-six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.38.

Insiders Place Their Bets

In other news, Director Gregory Westin Wendt bought 10,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were bought at an average price of $30.27 per share, with a total value of $302,700.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total value of $1,530,533.00. Following the completion of the transaction, the insider owned 500,454 shares of the company’s stock, valued at approximately $14,513,166. This represents a 9.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 295,919 shares of company stock worth $12,109,102. 47.08% of the stock is owned by insiders.

DraftKings Stock Performance

NASDAQ:DKNG opened at $28.82 on Tuesday. The firm’s fifty day simple moving average is $35.81 and its 200-day simple moving average is $39.34. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The stock has a market cap of $14.35 billion, a PE ratio of -50.56, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business earned ($0.60) EPS. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.