HM Payson & Co. Sells 500 Shares of DraftKings Inc. (NASDAQ:DKNG)

HM Payson & Co. decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 18.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,240 shares of the company’s stock after selling 500 shares during the period. HM Payson & Co.’s holdings in DraftKings were worth $83,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of DKNG. Geode Capital Management LLC increased its position in shares of DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the fourth quarter worth $246,765,000. FMR LLC increased its position in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares in the last quarter. Fred Alger Management LLC increased its position in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after purchasing an additional 236,427 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DKNG. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Macquarie upped their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, BTIG Research set a $59.00 target price on DraftKings in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Stock Down 1.7 %

DKNG opened at $39.41 on Monday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average price of $42.06 and a 200 day moving average price of $40.07. The company has a market cap of $19.31 billion, a PE ratio of -37.18, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 666,651 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,554,992 shares of company stock worth $108,362,948. Insiders own 51.19% 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.