Gateway Investment Advisers LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 57.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,454 shares of the company's stock after selling 29,765 shares during the period. Gateway Investment Advisers LLC's holdings in DraftKings were worth $835,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of DKNG. Delos Wealth Advisors LLC acquired a new position in DraftKings during the 3rd quarter worth approximately $43,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings during the third quarter worth $46,000. Creative Financial Designs Inc. ADV boosted its stake in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock valued at $47,000 after purchasing an additional 320 shares during the period. Eastern Bank acquired a new stake in DraftKings during the 3rd quarter valued at $59,000. Finally, Quarry LP purchased a new stake in DraftKings during the 2nd quarter worth $87,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.
In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,052,183 shares of company stock valued at $41,303,025 over the last quarter. Corporate insiders own 48.94% of the company's stock.
Several analysts have recently weighed in on the company. Barclays raised their target price on DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. Morgan Stanley lifted their price objective on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. TD Cowen increased their target price on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. JMP Securities decreased their price target on shares of DraftKings from $52.00 to $50.00 and set a "market outperform" rating for the company in a research report on Monday, January 6th. Finally, Susquehanna cut their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.08.
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Shares of NASDAQ:DKNG traded down $0.39 on Friday, hitting $39.29. The company's stock had a trading volume of 7,138,308 shares, compared to its average volume of 6,983,014. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The stock's 50-day moving average is $40.65 and its two-hundred day moving average is $37.97. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $34.60 billion, a price-to-earnings ratio of -44.65, a price-to-earnings-growth ratio of 2.99 and a beta of 1.90.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities research analysts forecast that DraftKings Inc. will post -0.83 EPS for the current year.
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.
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