DraftKings Inc. $DKNG Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 53.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,414 shares of the company’s stock after selling 23,741 shares during the period. New York State Teachers Retirement System’s holdings in DraftKings were worth $441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of DKNG. Viking Global Investors LP acquired a new position in DraftKings in the third quarter valued at approximately $561,125,000. Capital World Investors raised its position in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after purchasing an additional 12,008,357 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of DraftKings by 50.8% in the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares during the last quarter. Norges Bank bought a new stake in shares of DraftKings in the 4th quarter worth approximately $284,466,000. Finally, AQR Capital Management LLC boosted its position in DraftKings by 41.0% during the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after purchasing an additional 4,788,337 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock valued at $2,756,991 in the last quarter. 47.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DKNG shares. Zacks Research upgraded DraftKings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. TD Cowen raised their target price on DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday. Citigroup reissued a “market outperform” rating on shares of DraftKings in a report on Monday, June 22nd. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of DraftKings in a report on Thursday, June 11th. Finally, Moffett Nathanson downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and cut their price objective for the company from $38.00 to $27.00 in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.46.

DraftKings Stock Down 0.1%

DKNG opened at $26.45 on Tuesday. The stock’s 50 day moving average price is $25.78 and its 200 day moving average price is $26.36. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $13.12 billion, a P/E ratio of 440.83 and a beta of 1.65. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. As a group, research analysts predict that DraftKings Inc. will post 0.59 earnings per share for the current year.

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.