State of New Jersey Common Pension Fund D Sells 77,357 Shares of DraftKings Inc. (NASDAQ:DKNG)

State of New Jersey Common Pension Fund D decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 32.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 161,577 shares of the company’s stock after selling 77,357 shares during the period. State of New Jersey Common Pension Fund D’s holdings in DraftKings were worth $6,167,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. RDA Financial Network purchased a new position in shares of DraftKings in the first quarter worth about $232,000. LRI Investments LLC bought a new stake in DraftKings during the 1st quarter valued at approximately $31,000. CreativeOne Wealth LLC bought a new stake in DraftKings during the 1st quarter valued at approximately $297,000. Janney Montgomery Scott LLC boosted its position in DraftKings by 135.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 224,607 shares of the company’s stock valued at $7,917,000 after acquiring an additional 129,294 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of DraftKings by 1.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 58,018 shares of the company’s stock worth $2,045,000 after purchasing an additional 1,021 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 2.0 %

Shares of NASDAQ DKNG opened at $37.80 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $32.86 billion, a P/E ratio of -32.03 and a beta of 1.80. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The firm has a 50-day simple moving average of $35.27 and a two-hundred day simple moving average of $39.58.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. The company’s revenue was up 26.2% on a year-over-year basis. Research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the transaction, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock valued at $44,784,070 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on DKNG shares. Berenberg Bank raised DraftKings to a “hold” rating in a research report on Friday, May 31st. UBS Group boosted their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Monday, September 9th. BMO Capital Markets dropped their target price on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Bank of America dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.78.

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.