Vident Advisory LLC Sells 14,104 Shares of DraftKings Inc. (NASDAQ:DKNG)

Vident Advisory LLC decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 23.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 47,255 shares of the company’s stock after selling 14,104 shares during the quarter. Vident Advisory LLC’s holdings in DraftKings were worth $1,758,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Vanguard Group Inc. boosted its position in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after purchasing an additional 707,504 shares during the period. FMR LLC lifted its stake in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after buying an additional 89,988 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,110,323 shares of company stock valued at $84,491,145 over the last ninety days. 51.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on DKNG shares. Susquehanna raised their price target on DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a report on Monday, May 12th. Barclays cut their target price on DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, May 12th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Bank of America dropped their price target on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, TD Securities cut their price objective on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Stock Down 1.9%

Shares of NASDAQ:DKNG opened at $34.87 on Friday. The company has a market cap of $31.01 billion, a price-to-earnings ratio of -32.90, a PEG ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. 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 price of $35.08 and a 200 day moving average price of $39.29.

About DraftKings

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.