DAVENPORT & Co LLC Sells 106,661 Shares of DraftKings Inc. (NASDAQ:DKNG)

DraftKings logo with consumer cyclical background

DAVENPORT & Co LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG – free report) by 3.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The company owned 3,299,370 shares of the company’s stock after selling 106,661 shares during the period. DAVENPORT & Co LLC owned approximately 0.38% of DraftKings worth $96,190,000 at the end of last quarter.

Several other institutional investors and hedge funds have also recently bought and sold DKNG shares. Raleigh Capital Management Inc. purchased a new stake in DraftKings in the second quarter worth about $27,000. BOKF NA purchased a new stake in DraftKings in the second quarter worth approximately $27,000. Parkside Financial Bank & Trust increased its stake in DraftKings by 233.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock worth $27,000 after purchasing an additional 710 shares during the period. Barrett & Company Inc. purchased a new stake in DraftKings during the first quarter worth about $32,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in DraftKings during the first quarter valued at approximately $42,000. Institutional investors own 32.84% of the company’s shares.

DraftKings price performance

DKNG shares rose $0.61 during trading hours on Friday, reaching $35.72. The stock had a trading volume of 11,065,653 shares, compared to its average volume of 12,395,986. DraftKings Inc. has a 12-month low of $10.69 and a 12-month high of $39.35. The stock has a market cap of $30.69 billion, a P/E ratio of -16.39 and a beta of 1.91. The company has a debt-to-equity ratio of 1.56, a short-term ratio of 1.29 and a current ratio of 1.29. The company’s 50-day moving average is $34.24 and its two-hundred-day moving average is $30.61.

DraftKings (NASDAQ:DKNG – Get Free Report) last announced its earnings results on Thursday, November 2nd. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.08. The company had revenue of $789.96 million for the quarter, compared to analyst estimates of $702.26 million. DraftKings had a negative return on equity of 96.17% and a negative net margin of 30.41%. Research analysts expect that DraftKings Inc. will report -1.47 earnings per share for the current year.

Analysts set new price targets

Several stock analysts recently commented on the company. JMP Securities reiterated a “Market Outperform” rating and set a $39.00 price target on shares of DraftKings in a research report on Monday, September 25th. Benchmark increased their price target on DraftKings from $37.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. Craig Hallum increased their price objective on DraftKings from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. JPMorgan Chase & Co. raised DraftKings from a “neutral” rating to an “overweight” rating and raised their price target for the company from $26.00 to 37.00 in a research report on Tuesday, September 26th $ increased. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research report on Monday, November 27th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings currently has a consensus rating of Moderate Buy and an average price target of $35.86.

Get our latest analysis on DKNG

Insider buying and selling

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $27.11, for a total transaction of $5,422,000.00. Following the completion of the transaction, the insider now directly owns 3,811,351 shares in the company, valued at approximately $103,325,725.61. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $27.11, for a total transaction of $5,422,000.00. Following the completion of the sale, the insider now directly owns 3,811,351 shares in the company, valued at approximately $103,325,725.61. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 3,202 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $34.20, for a total value of $109,508.40. Following the sale, the insider now owns 2,820,182 shares in the company, valued at $96,450,224.40. The disclosure for this sale can be found here. Insiders have sold a total of 2,408,800 shares of company stock worth $87,716,006 in the last three months. Insiders own 51.19% of the company’s shares.

DraftKings Profile

(Free Report)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It offers online sports betting and casino, daily fantasy sports, media and other consumer products, and retail sports betting. The Company is also engaged in the design and development of sports betting and casino gaming software for online and retail sportsbooks and iGaming operators.

See also

Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG – Free Report).

Institutioneller Besitz nach Quartal für DraftKings <span class=NASDAQ:DKNG” width=”650″ height=”350″ Loading=”lazy”>

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