DraftKings Inc. $DKNG Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 26.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 92,490 shares of the company’s stock after selling 32,629 shares during the period. Cibc World Market Inc.’s holdings in DraftKings were worth $3,187,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. IHT Wealth Management LLC lifted its position in DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after purchasing an additional 248 shares during the last quarter. Orion Porfolio Solutions LLC raised its position in shares of DraftKings by 3.1% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after buying an additional 321 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of DraftKings by 3.8% during the 4th quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock worth $357,000 after buying an additional 379 shares in the last quarter. Ameriflex Group Inc. raised its position in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its holdings in DraftKings by 4.1% in the 3rd quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock valued at $393,000 after acquiring an additional 410 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 2,150 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director owned 1,406 shares in the company, valued at approximately $35,993.60. This trade represents a 60.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 521,663 shares of company stock worth $13,144,962. 47.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on DKNG. Citigroup reissued a “market outperform” rating on shares of DraftKings in a research note on Monday, June 1st. Oppenheimer decreased their target price on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, February 17th. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Mizuho upped their price objective on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group decreased their price objective on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.21.

DraftKings Trading Down 0.6%

Shares of DKNG stock opened at $24.78 on Tuesday. The stock has a market cap of $12.29 billion, a price-to-earnings ratio of 413.00 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a fifty day moving average of $23.87 and a 200-day moving average of $27.57. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) EPS. On average, equities research analysts forecast that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.