Intech Investment Management LLC Sells 36,865 Shares of DraftKings Inc. $DKNG

Intech Investment Management LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 63.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 21,106 shares of the company’s stock after selling 36,865 shares during the quarter. Intech Investment Management LLC’s holdings in DraftKings were worth $727,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after buying an additional 1,354,457 shares in the last quarter. Viking Global Investors LP purchased a new position in shares of DraftKings in the 3rd quarter worth $561,125,000. AQR Capital Management LLC grew its stake in shares of DraftKings by 63.5% in the 3rd quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock worth $437,044,000 after buying an additional 4,538,007 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of DraftKings by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 9,494,860 shares of the company’s stock worth $326,394,000 after buying an additional 192,160 shares in the last quarter. Finally, Capital World Investors grew its stake in shares of DraftKings by 2.1% in the 3rd quarter. Capital World Investors now owns 6,618,072 shares of the company’s stock worth $247,516,000 after buying an additional 138,891 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on DKNG. Wells Fargo & Company reissued an “overweight” rating and issued a $32.00 price objective on shares of DraftKings in a research note on Sunday, May 10th. Mizuho lifted their price objective on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. BNP Paribas Exane began coverage on shares of DraftKings in a research note on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price objective for the company. BTIG Research lifted their price objective on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Bank of America dropped their price objective on shares of DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $34.21.

DraftKings Price Performance

DKNG stock opened at $24.78 on Tuesday. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a 50-day moving average price of $23.87 and a 200 day moving average price of $27.57. The stock has a market cap of $12.29 billion, a PE ratio of 413.00 and a beta of 1.66.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the firm posted ($0.07) earnings per share. DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. Equities research analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 484,417 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This trade represents a 69.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 521,663 shares of company stock valued at $13,144,962. Company insiders own 47.18% of the company’s stock.

DraftKings Company 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.