Strs Ohio Sells 4,213 Shares of DraftKings Inc. (NASDAQ:DKNG)

Strs Ohio lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 19.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,694 shares of the company’s stock after selling 4,213 shares during the quarter. Strs Ohio’s holdings in DraftKings were worth $623,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Vontobel Holding Ltd. bought a new position in DraftKings in the 4th quarter worth $279,000. Saxony Capital Management LLC bought a new position in DraftKings in the 4th quarter worth $206,000. Baystate Wealth Management LLC increased its holdings in shares of DraftKings by 17.9% during the 4th quarter. Baystate Wealth Management LLC now owns 3,047 shares of the company’s stock worth $107,000 after purchasing an additional 463 shares during the period. Highview Capital Management LLC DE increased its holdings in shares of DraftKings by 61.1% during the 4th quarter. Highview Capital Management LLC DE now owns 34,293 shares of the company’s stock worth $1,209,000 after purchasing an additional 13,012 shares during the period. Finally, Friedenthal Financial bought a new position in shares of DraftKings during the 4th quarter worth about $669,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock opened at $43.13 on Friday. DraftKings Inc. has a 1 year low of $20.26 and a 1 year high of $49.57. The firm’s 50 day moving average is $43.54 and its 200-day moving average is $38.35. The firm has a market capitalization of $37.38 billion, a price-to-earnings ratio of -24.65 and a beta of 1.86. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company 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 posted ($0.53) earnings per share. DraftKings’s revenue for the quarter was up 43.9% on a year-over-year basis. Sell-side analysts forecast that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Oppenheimer boosted their price objective on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Wells Fargo & Company boosted their price objective on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Moffett Nathanson boosted their price objective on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. BMO Capital Markets boosted their price objective on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Finally, UBS Group lifted their target price on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.31.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now directly owns 2,291,406 shares in the company, valued at $91,656,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,596,101 shares of company stock worth $66,303,509. Corporate insiders own 51.19% of the company’s stock.

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.