Legal & General Group Plc Cuts Stake in DraftKings Inc. $DKNG

Legal & General Group Plc cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,426,073 shares of the company’s stock after selling 157,874 shares during the quarter. Legal & General Group Plc owned about 0.16% of DraftKings worth $61,164,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. TD Private Client Wealth LLC increased its stake in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares in the last quarter. Bank of Jackson Hole Trust bought a new position in shares of DraftKings in the first quarter worth approximately $31,000. Summit Securities Group LLC grew its holdings in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of DraftKings during the second quarter valued at approximately $45,000. Finally, Ameritas Advisory Services LLC purchased a new position in DraftKings in the 2nd quarter worth approximately $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the transaction, the insider owned 500,454 shares in the company, valued at $14,513,166. This trade represents a 9.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Harry Sloan acquired 25,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $30.30 per share, with a total value of $757,500.00. Following the transaction, the director owned 249,712 shares in the company, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 219,529 shares of company stock valued at $8,601,273. 47.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. Susquehanna cut their target price on DraftKings from $59.00 to $48.00 and set a “positive” rating on the stock in a research note on Monday, November 10th. Guggenheim lowered their price target on DraftKings from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Citigroup started coverage on DraftKings in a report on Friday, November 21st. They issued a “buy” rating and a $48.00 price objective for the company. Stifel Nicolaus reissued a “buy” rating and issued a $46.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, November 10th. Finally, Truist Financial dropped their price target on shares of DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.38.

DraftKings Stock Up 7.6%

DraftKings stock opened at $31.67 on Wednesday. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61. The stock has a fifty day moving average of $34.04 and a 200 day moving average of $39.13. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The stock has a market cap of $15.76 billion, a PE ratio of -55.56, a price-to-earnings-growth ratio of 2.44 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.