abrdn plc reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 11.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,686 shares of the company’s stock after selling 3,331 shares during the quarter. abrdn plc’s holdings in DraftKings were worth $514,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Quadrant Capital Group LLC boosted its position in shares of DraftKings by 24.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,351 shares of the company’s stock worth $65,000 after acquiring an additional 469 shares in the last quarter. Sanders Morris Harris LLC boosted its position in shares of DraftKings by 6.3% during the 4th quarter. Sanders Morris Harris LLC now owns 8,400 shares of the company’s stock worth $231,000 after acquiring an additional 500 shares in the last quarter. Benjamin Edwards Inc. boosted its position in shares of DraftKings by 99.7% during the 4th quarter. Benjamin Edwards Inc. now owns 1,216 shares of the company’s stock worth $33,000 after acquiring an additional 607 shares in the last quarter. Clearstead Advisors LLC boosted its position in shares of DraftKings by 37.6% during the 4th quarter. Clearstead Advisors LLC now owns 2,455 shares of the company’s stock worth $67,000 after acquiring an additional 671 shares in the last quarter. Finally, Credit Agricole S A lifted its holdings in shares of DraftKings by 93.6% in the 4th quarter. Credit Agricole S A now owns 1,758 shares of the company’s stock valued at $48,000 after purchasing an additional 850 shares during the last quarter. 33.91% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have recently weighed in on DKNG shares. Truist Financial reduced their target price on DraftKings from $18.00 to $16.00 and set a “hold” rating for the company in a report on Wednesday, July 20th. Citigroup reduced their target price on DraftKings from $26.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, July 7th. JMP Securities started coverage on DraftKings in a report on Tuesday, June 28th. They issued an “outperform” rating and a $25.00 target price for the company. Needham & Company LLC reduced their target price on DraftKings from $32.00 to $25.00 in a report on Monday, May 9th. Finally, Cowen reduced their target price on DraftKings from $60.00 to $50.00 in a report on Wednesday, May 4th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $31.73.
DraftKings Stock Performance
DraftKings (NASDAQ:DKNG – Get Rating) last released its quarterly earnings results on Friday, May 6th. The company reported ($1.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.08. The business had revenue of $417.21 million for the quarter, compared to analysts’ expectations of $404.20 million. DraftKings had a negative return on equity of 86.40% and a negative net margin of 117.39%. Research analysts expect that DraftKings Inc. will post -3.58 EPS for the current year.
DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.
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