DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 19,602 shares of the company’s stock after selling 502 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in DraftKings were worth $729,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of DKNG. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings in the fourth quarter valued at about $30,000. Synergy Investment Management LLC purchased a new position in DraftKings during the fourth quarter worth about $37,000. Westpac Banking Corp acquired a new position in DraftKings in the 4th quarter valued at about $44,000. Finally, YANKCOM Partnership purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $33.47 on Wednesday. The company has a 50-day moving average price of $38.69 and a 200 day moving average price of $39.61. The company has a market cap of $29.55 billion, a P/E ratio of -31.58, a PEG ratio of 1.43 and a beta of 2.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. Research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of several analyst reports. Argus set a $60.00 price objective on DraftKings in a research report on Tuesday, February 18th. JMP Securities set a $57.00 price target on shares of DraftKings in a research note on Wednesday, April 2nd. Stifel Nicolaus decreased their price objective on shares of DraftKings from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. Guggenheim dropped their target price on shares of DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Finally, Barclays reduced their price target on shares of DraftKings from $60.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.46.

Insider Buying and Selling

In related news, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares in the company, valued at $193,795,515.35. The trade was a 12.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction on 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 sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,575,525 shares of company stock worth $109,441,446 in the last three months. Corporate insiders own 51.19% of the company’s stock.

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.