DraftKings Inc. (NASDAQ:DKNG) Stake Cut by Thames Capital Management LLC

Thames Capital Management LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 171,403 shares of the company’s stock after selling 16,682 shares during the quarter. DraftKings comprises 2.6% of Thames Capital Management LLC’s portfolio, making the stock its 21st biggest holding. Thames Capital Management LLC’s holdings in DraftKings were worth $6,542,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after acquiring an additional 747,937 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after purchasing an additional 441,975 shares during the period. First Trust Advisors LP lifted its holdings in shares of DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after buying an additional 2,528,503 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in shares of DraftKings by 20.6% in the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after acquiring an additional 663,427 shares during the period. Finally, Eagle Asset Management Inc. acquired a new stake in shares of DraftKings in the fourth quarter worth $87,829,000. 37.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a research note on Tuesday, September 10th. The Goldman Sachs Group lowered their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Monday, September 16th. Bank of America decreased their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Finally, UBS Group raised their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

DraftKings Stock Up 0.0 %

NASDAQ:DKNG opened at $39.28 on Friday. The stock’s fifty day simple moving average is $35.42 and its 200-day simple moving average is $39.46. The firm has a market capitalization of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57.

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

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,220,537 shares of company stock valued at $44,784,070. Corporate insiders own 51.19% of the company’s stock.

About DraftKings

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.