Aviva PLC Trims Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Aviva PLC lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 99.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 246,327 shares of the company’s stock after selling 24,860,371 shares during the quarter. Aviva PLC owned 0.05% of DraftKings worth $9,163,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter valued at approximately $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $37,000. Westpac Banking Corp acquired a new stake in shares of DraftKings in the fourth quarter worth $44,000. Finally, YANKCOM Partnership purchased a new position in shares of DraftKings during the fourth quarter worth $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on DKNG shares. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Citigroup restated an “outperform” rating on shares of DraftKings in a research note on Wednesday, April 2nd. Barclays lifted their price target on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.69.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the transaction, the director now directly owns 1,612 shares in the company, valued at $67,704. The trade was a 67.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,775,525 shares of company stock valued at $117,241,446. 47.08% of the stock is owned by company insiders.

DraftKings Stock Down 3.0 %

Shares of NASDAQ DKNG opened at $31.89 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average of $40.65 and a 200 day moving average of $40.02. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The stock has a market cap of $15.94 billion, a PE ratio of -30.08, a P/E/G ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings Company 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.