Federated Hermes Inc. Decreases Holdings in DraftKings Inc. $DKNG

Federated Hermes Inc. lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,673,614 shares of the company’s stock after selling 81,769 shares during the quarter. Federated Hermes Inc. owned about 0.34% of DraftKings worth $62,593,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Root Financial Partners LLC purchased a new position in DraftKings in the third quarter valued at approximately $33,000. Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings during the 2nd quarter worth approximately $45,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $47,000. Ameritas Advisory Services LLC purchased a new position in shares of DraftKings in the 2nd quarter valued at $48,000. Finally, TD Private Client Wealth LLC raised its stake in DraftKings by 45.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock worth $44,000 after acquiring an additional 365 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other news, Director Gregory Westin Wendt acquired 10,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average cost of $30.27 per share, with a total value of $302,700.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at $302,700. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider owned 500,000 shares of the company’s stock, valued at approximately $16,005,000. The trade was a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 166,752 shares of company stock valued at $5,252,044. Corporate insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of several research analyst reports. Morgan Stanley upped their price objective on shares of DraftKings from $50.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Citigroup assumed coverage on DraftKings in a report on Friday, November 21st. They issued a “buy” rating and a $48.00 target price for the company. UBS Group restated a “buy” rating on shares of DraftKings in a research note on Wednesday, January 7th. Macquarie reduced their price objective on DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Finally, BTIG Research increased their price objective on DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a report on Friday, December 5th. Twenty-four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $46.86.

DraftKings Stock Down 0.6%

DKNG opened at $29.94 on Friday. DraftKings Inc. has a 52 week low of $26.23 and a 52 week high of $53.61. The business has a 50 day moving average price of $33.64 and a two-hundred day moving average price of $37.62. 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 company has a market cap of $14.90 billion, a PE ratio of -52.53, a P/E/G ratio of 0.63 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.60) earnings per share. As a group, research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.