Intech Investment Management LLC Sells 36,865 Shares of DraftKings Inc. $DKNG

Intech Investment Management LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 63.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,106 shares of the company’s stock after selling 36,865 shares during the period. Intech Investment Management LLC’s holdings in DraftKings were worth $727,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Citigroup Inc. raised its position in DraftKings by 40.6% in the third quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock worth $72,547,000 after acquiring an additional 560,139 shares during the period. Bedell Frazier Investment Counselling LLC bought a new position in DraftKings in the third quarter worth approximately $4,492,000. Waycross Partners LLC bought a new position in DraftKings in the fourth quarter worth approximately $2,584,000. Finally, DAVENPORT & Co LLC raised its position in DraftKings by 11.2% in the fourth quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock worth $119,602,000 after acquiring an additional 348,333 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 0.6%

Shares of DKNG stock opened at $24.78 on Tuesday. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 413.00 and a beta of 1.66. DraftKings Inc. has a one year low of $20.46 and a one year high of $48.78. The company’s fifty day moving average price is $23.87 and its 200-day moving average price is $27.57. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.07) earnings per share. Sell-side analysts expect that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Argus downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a research report on Tuesday, March 17th. TD Cowen restated a “buy” rating and set a $30.00 price objective on shares of DraftKings in a research report on Monday. Berenberg Bank set a $26.40 price objective on shares of DraftKings in a research report on Tuesday, February 24th. Scotiabank upgraded shares of DraftKings to an “outperform” rating in a research report on Friday, April 24th. Finally, Citizens Jmp decreased their price objective on shares of DraftKings from $38.00 to $34.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $34.21.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 2,150 shares of DraftKings stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the sale, the director directly owned 1,406 shares in the company, valued at approximately $35,993.60. The trade was a 60.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider owned 213,597 shares in the company, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 521,663 shares of company stock worth $13,144,962. Insiders own 47.18% of the company’s stock.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.