DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Scotia Capital Inc.

Scotia Capital Inc. decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNGFree Report) by 48.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,507 shares of the company’s stock after selling 5,999 shares during the period. Scotia Capital Inc.’s holdings in DraftKings were worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the period. Cornerstone Wealth Management LLC increased its stake 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 buying an additional 341 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of DraftKings by 3.8% during the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after acquiring an additional 381 shares during the last quarter. Signaturefd LLC lifted its position in shares of DraftKings by 7.9% in the fourth quarter. Signaturefd LLC now owns 5,774 shares of the company’s stock valued at $204,000 after acquiring an additional 424 shares in the last quarter. Finally, Highlander Capital Management LLC boosted its stake in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after acquiring an additional 450 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the sale, the insider now owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 600,000 shares of company stock worth $25,434,000. Corporate insiders own 48.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on DKNG. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Tuesday, May 28th. Truist Financial reiterated a “buy” rating and issued a $55.00 target price (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. JMP Securities restated a “market outperform” rating and set a $52.00 price target on shares of DraftKings in a research report on Monday, March 25th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. Finally, The Goldman Sachs Group assumed coverage on DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Read Our Latest Report on DraftKings

DraftKings Stock Up 3.2 %

Shares of NASDAQ:DKNG opened at $36.66 on Thursday. The firm has a market capitalization of $31.87 billion, a PE ratio of -31.07 and a beta of 1.81. DraftKings Inc. has a 1 year low of $24.16 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s 50-day moving average is $42.36 and its two-hundred day moving average is $40.36.

DraftKings (NASDAQ:DKNGGet Free Report) last announced 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). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.87) earnings per share. Analysts predict that DraftKings Inc. will post -0.21 EPS for the current year.

About DraftKings

(Free Report)

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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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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