DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,174,531 shares of the company’s stock after selling 249,407 shares during the quarter. Nuveen Asset Management LLC’s holdings in DraftKings were worth $229,693,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the fourth quarter valued at $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $30,000. Synergy Investment Management LLC acquired a new position in DraftKings in the 4th quarter valued at $37,000. Westpac Banking Corp acquired a new position in DraftKings in the fourth quarter valued at $44,000. Finally, YANKCOM Partnership acquired a new position in shares of DraftKings during the 4th quarter valued at about $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of several research reports. Citigroup cut their target price on DraftKings from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Northland Securities set a $50.00 target price on shares of DraftKings in a research note on Friday, April 25th. Truist Financial lowered their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Cfra Research raised shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Finally, Wells Fargo & Company upped their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $55.04.

Insider Buying and Selling at DraftKings

In other news, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This trade represents a 12.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,691,079 shares of company stock valued at $111,885,917. 47.08% of the stock is currently owned by corporate insiders.

DraftKings Trading Down 4.3%

Shares of DKNG stock opened at $36.61 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a 50-day simple moving average of $35.28 and a 200 day simple moving average of $39.29. The stock has a market capitalization of $32.33 billion, a P/E ratio of -34.54, a P/E/G ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts expect 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.