Victory Capital Management Inc. Has $5.52 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Victory Capital Management Inc. cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 72.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 140,867 shares of the company’s stock after selling 366,859 shares during the period. Victory Capital Management Inc.’s holdings in DraftKings were worth $5,522,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of DKNG. LRI Investments LLC acquired a new position in DraftKings during the first quarter valued at approximately $31,000. Alta Advisers Ltd bought a new position in shares of DraftKings during the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings during the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings in the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC acquired a new stake in DraftKings during the 3rd quarter valued at $46,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DKNG. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Oppenheimer lowered their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Finally, Benchmark restated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

DraftKings Trading Down 1.1 %

Shares of DKNG stock opened at $43.09 on Friday. The stock’s fifty day moving average price is $38.92 and its two-hundred day moving average price is $37.97. The company has a market cap of $37.95 billion, a PE ratio of -48.97 and a beta of 1.82. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities analysts predict that DraftKings Inc. will post -0.73 EPS for the current fiscal year.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. This represents a 3.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 823,687 shares of company stock worth $33,054,195. Insiders own 51.19% of the company’s stock.

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.