DraftKings Inc. (NASDAQ:DKNG) Position Reduced by Sei Investments Co.

Sei Investments Co. lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 44.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 307,608 shares of the company’s stock after selling 242,312 shares during the period. Sei Investments Co.’s holdings in DraftKings were worth $11,443,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of DKNG. Stonebridge Financial Group LLC bought a new stake in DraftKings in the fourth quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the 4th quarter valued at approximately $37,000. Delos Wealth Advisors LLC bought a new position in DraftKings during the third quarter worth $43,000. Finally, YANKCOM Partnership acquired a new position in DraftKings in the fourth quarter worth $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on DKNG shares. Stifel Nicolaus lifted their price target on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 target price on DraftKings in a research note on Tuesday, February 18th. Cowen reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. BTIG Research set a $59.00 price objective on DraftKings in a research report on Monday, February 3rd. Finally, Morgan Stanley increased their target price on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.42.

Insider Buying and Selling

In other news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the transaction, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Down 4.7 %

DKNG stock opened at $35.29 on Friday. The firm has a market cap of $17.64 billion, a PE ratio of -33.29, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $42.01 and a 200 day simple moving average of $40.35.

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

DraftKings 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.