Neuberger Berman Group LLC Sells 353,491 Shares of DraftKings Inc. $DKNG

Neuberger Berman Group LLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 9.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,330,359 shares of the company’s stock after selling 353,491 shares during the period. Neuberger Berman Group LLC’s holdings in DraftKings were worth $124,555,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Nordea Investment Management AB grew its stake in DraftKings by 1,996.2% during the third quarter. Nordea Investment Management AB now owns 421,127 shares of the company’s stock worth $16,205,000 after buying an additional 401,037 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in DraftKings by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock valued at $279,494,000 after buying an additional 79,152 shares during the period. Swiss National Bank raised its position in shares of DraftKings by 10.0% in the 2nd quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock valued at $58,415,000 after buying an additional 124,200 shares in the last quarter. Citigroup Inc. raised its position in shares of DraftKings by 40.6% in the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after buying an additional 560,139 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of DraftKings by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 603,836 shares of the company’s stock worth $25,898,000 after acquiring an additional 17,114 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DKNG. The Goldman Sachs Group decreased their price objective on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. BMO Capital Markets upped their target price on DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a research note on Tuesday, February 24th. Finally, Macquarie Infrastructure lowered their price target on DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $37.19.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: ESPN/Disney integration and account-linking ahead of March Madness should drive engagement and conversion between ESPN audiences and DraftKings’ Sportsbook, plus a new “Bet Your Bracket” feature adds event-driven monetization potential. DraftKings and Disney strike a key integration deal ahead of March Madness
• Positive Sentiment: BusinessWire/ESPN details show account linking will personalize experiences and unlock exclusive features, which can boost ARPU and customer retention during a high-activity period for sports betting. DraftKings and ESPN Detail Plans to Provide Account Linking for Customers
• Positive Sentiment: The rollout of a unified “Super App” (Sportsbook, Casino, Predictions, Lottery) and expansion into prediction markets create new cross-sell and monetization paths that analysts see as a growth catalyst. DraftKings Super App And Prediction Push Test Ethics And Legal Risks
• Positive Sentiment: Multiple brokerage upgrades and coverage notes (Goldman Sachs, Susquehanna, BMO, Citizens JMP) and recent insider buying signal analyst confidence and insider conviction, which can support buy-side interest. DraftKings (DKNG) Receives a Buy from Goldman Sachs
• Neutral Sentiment: Short-interest data reported this cycle is inconsistent/unclear; current figures don’t provide a clear near-term squeeze or pressure signal. (No clear actionable short-covering dynamic at present.)
• Negative Sentiment: Media and legal pieces flag ethics and regulatory risk from the Super App and prediction-market push, plus class-action scrutiny over past promotional marketing — these could produce regulatory headaches, compliance costs or reputational damage. DraftKings Super App And Prediction Push Test Ethics And Legal Risks

DraftKings Price Performance

DraftKings stock opened at $25.11 on Friday. The stock has a 50-day moving average price of $28.82 and a two-hundred day moving average price of $34.07. DraftKings Inc. has a 12 month low of $21.01 and a 12 month high of $48.78. The company has a market capitalization of $12.38 billion, a PE ratio of -627.75, a P/E/G ratio of 1.05 and a beta of 1.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91.

Insider Activity

In related news, CAO Erik Bradbury sold 7,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the completion of the transaction, the chief accounting officer owned 36,736 shares in the company, valued at $826,560. This trade represents a 16.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry Sloan bought 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were acquired at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the completion of the transaction, the director owned 350,219 shares in the company, valued at $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 62,928 shares of company stock valued at $1,923,728 over the last quarter. 51.19% of the stock is owned by company insiders.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.