DraftKings Inc. $DKNG Stock Holdings Decreased by Federated Hermes Inc.

Federated Hermes Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,755,383 shares of the company’s stock after selling 101,817 shares during the quarter. Federated Hermes Inc. owned 0.20% of DraftKings worth $75,288,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in DKNG. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Summit Securities Group LLC lifted its holdings in shares of DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of DraftKings in the second quarter worth $45,000. Ameritas Advisory Services LLC acquired a new stake in shares of DraftKings in the second quarter worth $48,000. Finally, 1 North Wealth Services LLC purchased a new position in shares of DraftKings during the first quarter valued at $49,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $33.84, for a total value of $1,785,973.68. Following the completion of the sale, the insider owned 512,182 shares of the company’s stock, valued at $17,332,238.88. The trade was a 9.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory Westin Wendt purchased 10,000 shares of the firm’s stock in a transaction dated 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 purchase, the director owned 10,000 shares in the company, valued at $302,700. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 166,752 shares of company stock valued at $5,387,153 in the last three months. 47.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DKNG shares. Oppenheimer reduced their price objective on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, October 1st. JMP Securities lowered their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. BTIG Research upped their price objective on shares of DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Friday. Canaccord Genuity Group cut their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Finally, Barclays decreased their target price on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $47.48.

DraftKings Price Performance

NASDAQ DKNG opened at $34.00 on Monday. 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 capitalization of $16.92 billion, a PE ratio of -59.65, a price-to-earnings-growth ratio of 2.82 and a beta of 1.60. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The company has a 50 day moving average price of $32.52 and a two-hundred day moving average price of $38.93.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results 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 return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the company earned ($0.60) EPS. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.