DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,922,307 shares of the company’s stock after selling 724,188 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in DraftKings were worth $220,310,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Synergy Asset Management LLC acquired a new stake in DraftKings during the fourth quarter valued at approximately $30,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the third quarter valued at approximately $43,000. V Square Quantitative Management LLC acquired a new stake in DraftKings during the third quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV lifted its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Finally, YANKCOM Partnership acquired a new stake in DraftKings during the fourth quarter valued at approximately $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DKNG opened at $42.28 on Friday. The company’s fifty day moving average is $40.37 and its 200-day moving average is $38.35. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The firm has a market cap of $20.62 billion, a price-to-earnings ratio of -48.04, a price-to-earnings-growth ratio of 3.14 and a beta of 1.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Equities analysts expect that DraftKings Inc. will post -0.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 963,742 shares of company stock valued at $38,082,888. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. Susquehanna cut their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Morgan Stanley boosted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Mizuho boosted their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. JMP Securities cut their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Friday. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.92.

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.