Commonwealth Equity Services LLC Has $3.61 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Commonwealth Equity Services LLC cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 3.2% during the third quarter, HoldingsChannel.com reports. The firm owned 238,359 shares of the company’s stock after selling 7,776 shares during the quarter. Commonwealth Equity Services LLC’s holdings in DraftKings were worth $3,608,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in DKNG. Vanguard Group Inc. raised its position in shares of DraftKings by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 26,751,024 shares of the company’s stock valued at $520,842,000 after acquiring an additional 412,179 shares during the period. Contrarius Investment Management Ltd acquired a new stake in shares of DraftKings in the 2nd quarter valued at approximately $69,110,000. Caledonia Private Investments Pty Ltd raised its position in shares of DraftKings by 8.0% in the 2nd quarter. Caledonia Private Investments Pty Ltd now owns 4,891,312 shares of the company’s stock valued at $57,082,000 after acquiring an additional 362,412 shares during the period. Northern Trust Corp raised its position in shares of DraftKings by 1.7% in the 1st quarter. Northern Trust Corp now owns 1,830,203 shares of the company’s stock valued at $35,634,000 after acquiring an additional 30,827 shares during the period. Finally, JAT Capital Mgmt LP raised its position in shares of DraftKings by 195.8% in the 3rd quarter. JAT Capital Mgmt LP now owns 1,183,121 shares of the company’s stock valued at $17,912,000 after acquiring an additional 783,121 shares during the period. 30.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on DKNG. BTIG Research upgraded shares of DraftKings from a “neutral” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Friday, February 17th. Canaccord Genuity Group raised their target price on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, February 21st. Wells Fargo & Company raised their target price on shares of DraftKings from $16.00 to $22.00 in a report on Monday, February 20th. Roth Mkm downgraded shares of DraftKings from a “neutral” rating to a “sell” rating and set a $15.00 target price on the stock. in a report on Thursday, February 9th. Finally, Truist Financial raised their target price on shares of DraftKings from $15.00 to $23.00 and gave the stock a “hold” rating in a report on Tuesday, February 21st. Six analysts have rated the stock with a sell rating, six have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.43.

Insider Transactions at DraftKings

In other news, insider Matthew Kalish sold 275,025 shares of DraftKings stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $19.42, for a total transaction of $5,340,985.50. Following the completion of the sale, the insider now owns 3,671,914 shares of the company’s stock, valued at $71,308,569.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Paul Liberman sold 278,634 shares of DraftKings stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $18.78, for a total transaction of $5,232,746.52. Following the completion of the sale, the insider now owns 1,942,020 shares of the company’s stock, valued at $36,471,135.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Kalish sold 275,025 shares of DraftKings stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $19.42, for a total value of $5,340,985.50. Following the sale, the insider now directly owns 3,671,914 shares of the company’s stock, valued at approximately $71,308,569.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 862,220 shares of company stock valued at $16,578,604. 55.92% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

Shares of DraftKings stock opened at $18.74 on Friday. The business has a fifty day simple moving average of $15.97 and a two-hundred day simple moving average of $15.21. DraftKings Inc. has a 1 year low of $9.77 and a 1 year high of $21.62. The company has a market capitalization of $15.83 billion, a price-to-earnings ratio of -5.91 and a beta of 1.81.

DraftKings (NASDAQ:DKNG – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.10. DraftKings had a negative return on equity of 87.08% and a negative net margin of 61.51%. The business had revenue of $855.00 million during the quarter, compared to the consensus estimate of $799.29 million. During the same quarter last year, the firm posted ($0.80) EPS. The company’s quarterly revenue was up 80.8% on a year-over-year basis. As a group, equities analysts anticipate that DraftKings Inc. will post -2.07 earnings per share for the current fiscal year.

DraftKings Company Profile

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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.