California Public Employees Retirement System Sells 25,384 Shares of DraftKings Inc. (NASDAQ:DKNG)

California Public Employees Retirement System lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 766,528 shares of the company’s stock after selling 25,384 shares during the period. California Public Employees Retirement System’s holdings in DraftKings were worth $27,020,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC bought a new position in DraftKings in the 4th quarter worth approximately $7,975,000. Deutsche Bank AG grew its holdings in shares of DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after buying an additional 840,755 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $209,000. Schonfeld Strategic Advisors LLC boosted its stake in DraftKings by 27.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock worth $8,741,000 after purchasing an additional 64,186 shares during the period. Finally, Arizona State Retirement System boosted its stake in DraftKings by 1.1% in the 4th quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock worth $4,046,000 after purchasing an additional 1,237 shares during the period. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on DKNG shares. UBS Group upped their target price on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research report on Friday, January 19th. Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a report on Monday, March 25th. Finally, Piper Sandler upped their target price on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.31.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. Insiders have sold 1,596,101 shares of company stock valued at $66,303,509 over the last three months. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.13 on Friday. The company’s 50 day simple moving average is $43.54 and its 200 day simple moving average is $38.41. The stock has a market capitalization of $37.38 billion, a price-to-earnings ratio of -24.65 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 1 year low of $20.26 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business’s revenue was up 43.9% compared to the same quarter last year. During the same period last year, the business earned ($0.53) earnings per share. As a group, research analysts predict that DraftKings Inc. will post -0.24 EPS 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.