Ameriprise Financial Inc. Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Ameriprise Financial Inc. lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 22.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,870,866 shares of the company’s stock after selling 1,147,294 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.79% of DraftKings worth $143,996,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after buying an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of DraftKings by 4.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after purchasing an additional 707,504 shares during the last quarter. FMR LLC increased its holdings in 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 purchasing an additional 7,150,382 shares during the period. Geode Capital Management LLC raised its position in DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after purchasing an additional 89,988 shares during the last quarter. Finally, Norges Bank purchased a new stake in DraftKings in the 4th quarter worth approximately $276,328,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $33.60 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $29.66 billion, a price-to-earnings ratio of -31.69, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The business has a 50-day simple moving average of $35.89 and a two-hundred day simple moving average of $39.32. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on DKNG shares. Morgan Stanley upped their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Citigroup dropped their target price on shares of DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Cowen restated a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Finally, Jefferies Financial Group set a $60.00 target price on DraftKings and gave the stock a “buy” rating in a report on Sunday, April 13th. Two equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.18.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the transaction, the insider now owns 682,764 shares in the company, valued at $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,681,079 shares of company stock worth $112,941,617 in the last three months. 51.19% of the stock is currently owned by company insiders.

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.