DraftKings Inc. (NASDAQ:DKNG) Position Trimmed by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 233,610 shares of the company’s stock after selling 12,000 shares during the period. New York State Common Retirement Fund’s holdings in DraftKings were worth $8,690,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. Principal Financial Group Inc. lifted its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC acquired a new stake in DraftKings during the 3rd quarter worth about $28,028,000. Janney Montgomery Scott LLC lifted its stake in DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after buying an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after buying an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Barclays upped their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. BTIG Research set a $59.00 price target on DraftKings in a report on Monday, February 3rd. Wells Fargo & Company increased their price objective on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. TD Cowen lowered their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Price Performance

NASDAQ DKNG opened at $42.51 on Wednesday. The stock has a 50-day simple moving average of $41.55 and a 200 day simple moving average of $39.58. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market capitalization of $20.83 billion, a PE ratio of -40.10, a P/E/G ratio of 1.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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 return on equity of 48.13% and a negative net margin of 10.64%. Research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,414,827 shares of company stock worth $102,870,367. 48.94% of the stock is currently owned by company insiders.

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.