DraftKings Inc. (NASDAQ:DKNG) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 766,528 shares of the company’s stock after selling 25,384 shares during the quarter. California Public Employees Retirement System owned approximately 0.09% of DraftKings worth $27,020,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Highlander Capital Management LLC grew its position in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. FSC Wealth Advisors LLC purchased a new stake in DraftKings during the fourth quarter valued at about $37,000. Householder Group Estate & Retirement Specialist LLC grew its position in DraftKings by 154.2% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after acquiring an additional 737 shares during the period. Acadian Asset Management LLC purchased a new stake in DraftKings during the third quarter valued at about $45,000. Finally, CI Investments Inc. grew its position in DraftKings by 55.9% during the third quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock valued at $49,000 after acquiring an additional 599 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Up 5.0 %

Shares of NASDAQ DKNG opened at $43.13 on Friday. The stock’s 50 day moving average price is $43.54 and its two-hundred day moving average price is $38.41. DraftKings Inc. has a 52-week low of $20.26 and a 52-week high of $49.57. The stock has a market capitalization of $37.38 billion, a P/E ratio of -24.65 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49.

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 the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company earned ($0.53) EPS. The company’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, analysts anticipate that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research report on Tuesday, February 20th. Benchmark reissued a “buy” rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday. Barclays upped their target price on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. UBS Group upped their target price on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Finally, Stifel Nicolaus raised DraftKings from a “hold” rating to a “buy” rating and upped their target price for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.31.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The disclosure for this sale can be found here. Insiders have sold 1,596,101 shares of company stock worth $66,303,509 over the last quarter. 51.19% of the stock is owned by corporate insiders.

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.