DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 40.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,149 shares of the company’s stock after selling 42,082 shares during the quarter. Truist Financial Corp’s holdings in DraftKings were worth $2,312,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in shares of DraftKings during the fourth quarter worth approximately $246,765,000. FMR LLC increased its stake in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the period. Fred Alger Management LLC increased its stake in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after buying an additional 236,427 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,573,488 shares of company stock valued at $109,600,767. 48.94% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DKNG. JPMorgan Chase & Co. upped their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and set a $60.00 target price (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Price Performance

DraftKings stock opened at $43.36 on Thursday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. 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 business has a fifty day moving average of $41.64 and a two-hundred day moving average of $39.61. The company has a market cap of $21.24 billion, a P/E ratio of -40.91, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93.

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

DraftKings Company 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.