Silvant Capital Management LLC Trims Stake in DraftKings Inc. (NASDAQ:DKNG)

Silvant Capital Management LLC cut its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 121,712 shares of the company’s stock after selling 1,380 shares during the period. Silvant Capital Management LLC’s holdings in DraftKings were worth $4,771,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after acquiring an additional 747,937 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 8.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares in the last quarter. Lord Abbett & CO. LLC increased its position in DraftKings by 20.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after buying an additional 663,427 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $51.00 target price on shares of DraftKings in a report on Monday, October 14th. Morgan Stanley increased 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. Stifel Nicolaus restated a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Finally, UBS Group increased their target price on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Stock Up 1.0 %

Shares of DKNG stock opened at $35.69 on Friday. The company has a market capitalization of $31.36 billion, a price-to-earnings ratio of -40.10 and a beta of 1.83. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company’s fifty day moving average price is $37.33 and its 200-day moving average price is $38.09. DraftKings Inc. has a one year low of $27.67 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business’s quarterly revenue was up 26.2% on a year-over-year basis. During the same period last year, the firm earned ($0.17) earnings per share. Sell-side analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the transaction, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,220,536 shares of company stock valued at $46,110,465 in the last three months. 51.19% of the stock is currently owned by corporate insiders.

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.