Bank of Nova Scotia Sells 46,306 Shares of DraftKings Inc. $DKNG

Bank of Nova Scotia reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 57.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,495 shares of the company’s stock after selling 46,306 shares during the quarter. Bank of Nova Scotia’s holdings in DraftKings were worth $746,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Viking Global Investors LP bought a new position in DraftKings in the third quarter worth about $561,125,000. Capital World Investors lifted its position in shares of DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC boosted 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 valued at $858,893,000 after buying an additional 8,524,923 shares in the last quarter. Norges Bank bought a new stake in shares of DraftKings in the 4th quarter valued at about $284,466,000. Finally, AQR Capital Management LLC boosted its holdings in shares of DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after buying an additional 4,788,337 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DKNG. BTIG Research boosted their target price on DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. UBS Group lifted their target price on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Moffett Nathanson downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $38.00 to $27.00 in a research report on Friday, April 24th. HSBC upgraded DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Stifel Nicolaus dropped their target price on DraftKings from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.37.

DraftKings Stock Down 0.3%

Shares of DKNG stock opened at $24.55 on Thursday. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The stock has a market cap of $12.18 billion, a P/E ratio of 409.17 and a beta of 1.65. The stock has a 50 day moving average of $25.60 and a 200 day moving average of $25.45. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm 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%.DraftKings’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) EPS. As a group, sell-side analysts expect that DraftKings Inc. will post 0.54 EPS for the current year.

Insider Transactions at DraftKings

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

About DraftKings

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.