Royce & Associates LP Sells 52,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Royce & Associates LP lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 46.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,000 shares of the company’s stock after selling 52,000 shares during the period. Royce & Associates LP’s holdings in DraftKings were worth $2,313,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of DKNG. LRI Investments LLC purchased a new position in DraftKings during the 1st quarter valued at about $31,000. Alta Advisers Ltd purchased a new position in shares of DraftKings during the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC bought a new position in shares of DraftKings during the second quarter valued at approximately $39,000. St. Johns Investment Management Company LLC bought a new position in shares of DraftKings during the second quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in DraftKings in the third quarter worth $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 820,536 shares of company stock valued at $32,916,465 in the last quarter. 48.94% of the stock is currently owned by insiders.

DraftKings Stock Up 2.0 %

Shares of DraftKings stock opened at $43.21 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a market cap of $38.05 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The company’s 50 day moving average is $38.61 and its 200 day moving average is $37.89.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Research analysts anticipate that DraftKings Inc. will post -0.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on DKNG. Stifel Nicolaus restated a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Morgan Stanley increased their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Susquehanna raised their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. The Goldman Sachs Group reduced their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Mizuho raised their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

About DraftKings

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.