Victory Capital Management Inc. Sells 16,190 Shares of DraftKings Inc. (NASDAQ:DKNG)

Victory Capital Management Inc. trimmed its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,677 shares of the company’s stock after selling 16,190 shares during the quarter. Victory Capital Management Inc.’s holdings in DraftKings were worth $4,638,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of DKNG. Principal Financial Group Inc. increased its stake in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the period. Mizuho Securities USA LLC bought a new stake in DraftKings during the 3rd quarter valued at $28,028,000. Charles Schwab Investment Management Inc. increased its holdings in DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after buying an additional 350,215 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in DraftKings by 2.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after purchasing an additional 35,466 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. BTIG Research set a $59.00 price objective on shares of DraftKings in a report on Monday, February 3rd. Morgan Stanley upped their target price on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group raised their price objective on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, TD Cowen cut their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Trading Up 2.4 %

DraftKings stock opened at $37.87 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $18.55 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The business’s fifty day moving average is $42.14 and its 200 day moving average is $40.12. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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%. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % 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 532,095 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is owned by company insiders.

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.