MetLife Investment Management LLC Sells 635 Shares of DraftKings Inc. (NASDAQ:DKNG)

MetLife Investment Management LLC cut its position in DraftKings Inc. (NASDAQ:DKNG) by 2.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,908 shares of the company’s stock after selling 635 shares during the quarter. MetLife Investment Management LLC’s holdings in DraftKings were worth $1,038,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the 4th quarter valued at $30,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth $37,000. Westpac Banking Corp bought a new stake in shares of DraftKings during the 4th quarter worth $44,000. Finally, YANKCOM Partnership acquired a new stake in DraftKings in the fourth quarter valued at about $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DKNG shares. Mizuho dropped their target price on shares of DraftKings from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Susquehanna cut their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Finally, Benchmark upped their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.48.

DraftKings Stock Down 0.1 %

Shares of NASDAQ:DKNG opened at $33.26 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The business’s 50 day simple moving average is $36.42 and its two-hundred day simple moving average is $39.39. The firm has a market cap of $29.37 billion, a P/E ratio of -31.38, a PEG ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock worth $111,145,088 over the last three months. 51.19% of the stock is currently owned by insiders.

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.