DraftKings Inc. (NASDAQ:DKNG) Stock Position Trimmed by CNB Bank

CNB Bank cut its position in DraftKings Inc. (NASDAQ:DKNG) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,331 shares of the company’s stock after selling 272 shares during the quarter. CNB Bank’s holdings in DraftKings were worth $294,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in DraftKings by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock valued at $1,090,403,000 after purchasing an additional 109,406 shares during the last quarter. Whale Rock Capital Management LLC bought a new stake in shares of DraftKings during the 2nd quarter worth about $215,687,000. Jericho Capital Asset Management L.P. raised its position in shares of DraftKings by 39.4% during the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after buying an additional 2,022,000 shares in the last quarter. Geode Capital Management LLC raised its position in shares of DraftKings by 3.2% during the 1st quarter. Geode Capital Management LLC now owns 5,962,037 shares of the company’s stock worth $115,425,000 after buying an additional 184,476 shares in the last quarter. Finally, Two Sigma Investments LP bought a new stake in shares of DraftKings during the 1st quarter worth about $102,351,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 2.3 %

DraftKings stock traded down $0.96 during trading hours on Friday, hitting $40.68. The company had a trading volume of 11,690,485 shares, compared to its average volume of 10,281,084. The firm has a market capitalization of $35.25 billion, a P/E ratio of -23.25 and a beta of 1.86. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The firm’s fifty day moving average is $43.79 and its 200-day moving average is $37.92. DraftKings Inc. has a fifty-two week low of $20.26 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.53) EPS. On average, research analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on DKNG shares. Moffett Nathanson boosted their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. restated an “overweight” rating and set a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Piper Sandler boosted their price target on shares of DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. UBS Group boosted their target price on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Finally, Bank Of America (Bofa) boosted their target price on shares of DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the transaction, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction 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 approximately $91,656,240. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the sale, the insider now directly owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock worth $65,685,509 in the last 90 days. 51.19% of the stock is owned by 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.