DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Swiss National Bank

Swiss National Bank reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,256,664 shares of the company’s stock after selling 49,100 shares during the period. Swiss National Bank owned approximately 0.15% of DraftKings worth $57,065,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highlander Capital Management LLC boosted its holdings in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after buying an additional 450 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of DraftKings in the 4th quarter worth $26,000. Montag A & Associates Inc. acquired a new position in shares of DraftKings in the 4th quarter worth $29,000. LifeSteps Financial Inc. acquired a new stake in shares of DraftKings during the first quarter worth $33,000. Finally, Concord Wealth Partners lifted its holdings in shares of DraftKings by 140.2% during the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,520,340 shares of company stock worth $60,996,583. 51.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on DKNG shares. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Wednesday, June 12th. Stifel Nicolaus reiterated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday, July 5th. Moffett Nathanson increased their target price on DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. BMO Capital Markets upped their price target on DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Finally, Barclays decreased their price objective on DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.64.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $0.71 on Friday, hitting $37.86. 7,911,149 shares of the company were exchanged, compared to its average volume of 8,804,583. The company’s 50 day moving average price is $39.75 and its two-hundred day moving average price is $40.69. The firm has a market capitalization of $32.91 billion, a price-to-earnings ratio of -32.08 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a one year low of $25.41 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the firm earned ($0.87) earnings per share. The company’s revenue was up 52.7% on a year-over-year basis. Research analysts expect that DraftKings Inc. will post -0.26 earnings per share for the current 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.