DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Hodges Capital Management Inc.

Hodges Capital Management Inc. trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 6.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 725,409 shares of the company’s stock after selling 51,263 shares during the period. DraftKings accounts for approximately 1.6% of Hodges Capital Management Inc.’s portfolio, making the stock its 13th biggest position. Hodges Capital Management Inc.’s holdings in DraftKings were worth $26,986,000 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. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the fourth quarter worth about $30,000. Delos Wealth Advisors LLC purchased a new stake in DraftKings in the third quarter valued at approximately $43,000. V Square Quantitative Management LLC acquired a new stake in shares of DraftKings in the third quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares during the period. Finally, Eastern Bank purchased a new position in shares of DraftKings during the third quarter worth approximately $59,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of recent research reports. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. JMP Securities lowered their price target on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Trading Down 1.8 %

Shares of DKNG stock opened at $41.95 on Monday. The stock has a market cap of $36.94 billion, a P/E ratio of -47.67, a P/E/G 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 Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The business has a fifty day simple moving average of $40.46 and a 200-day simple moving average of $38.23.

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

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were 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 $2,629,448.20. This trade represents a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock valued at $38,082,888 in the last ninety days. Corporate insiders own 48.94% of the company’s stock.

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.