Swiss National Bank Trims Holdings in DraftKings Inc. (NASDAQ:DKNG)

Swiss National Bank lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 2.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,305,764 shares of the company’s stock after selling 34,000 shares during the period. Swiss National Bank’s holdings in DraftKings were worth $46,028,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of DKNG. Fifth Third Bancorp boosted its holdings in shares of DraftKings by 8.3% in the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after acquiring an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC grew its position in DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares during the period. Signaturefd LLC raised its stake in shares of DraftKings by 7.6% during the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after buying an additional 379 shares during the last quarter. Stratos Wealth Advisors LLC boosted its stake in shares of DraftKings by 3.8% in the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after buying an additional 381 shares during the last quarter. Finally, Gables Capital Management Inc. raised its position in DraftKings by 2.2% during the third quarter. Gables Capital Management Inc. now owns 18,330 shares of the company’s stock valued at $540,000 after acquiring an additional 400 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Up 5.4 %

Shares of DKNG stock opened at $44.07 on Tuesday. The company has a 50-day moving average of $43.66 and a two-hundred day moving average of $39.03. The firm has a market cap of $38.19 billion, a PE ratio of -37.35 and a beta of 1.87. DraftKings Inc. has a 1-year low of $22.65 and a 1-year high of $49.57. 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 (NASDAQ:DKNG) last posted its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the business posted ($0.87) EPS. The firm’s revenue for the quarter was up 52.7% on a year-over-year basis. On average, analysts predict that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated 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 directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred 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 directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. Corporate insiders own 48.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Moffett Nathanson raised their price objective on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Needham & Company LLC reissued a “buy” rating and set a $58.00 target price on shares of DraftKings in a research note on Friday. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 price target on shares of DraftKings in a report on Thursday, March 28th. Barclays upped their target price on DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Oppenheimer increased their price objective on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.07.

About DraftKings

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.