DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC trimmed its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 29.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,233 shares of the company’s stock after selling 11,853 shares during the quarter. Sanctuary Advisors LLC’s holdings in DraftKings were worth $1,217,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of DKNG. Marshall Wace LLP increased its stake in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. increased its position in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after purchasing an additional 1,493,995 shares during the period. Fred Alger Management LLC raised its stake in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in shares of DraftKings in the 2nd quarter valued at approximately $39,306,000. Finally, AQR Capital Management LLC boosted its stake in shares of DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their target price on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. TD Cowen raised their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. JMP Securities boosted their price objective on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday, November 11th. Morgan Stanley increased their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, Mizuho boosted their price target on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

DraftKings Price Performance

DKNG stock opened at $40.35 on Friday. The stock has a market capitalization of $35.53 billion, a price-to-earnings ratio of -45.85 and a beta of 1.87. 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 52-week low of $28.69 and a 52-week high of $49.57. The stock’s fifty day simple moving average is $40.24 and its 200-day simple moving average is $38.09.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was 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 $5,662,581.92. This represents a 82.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 963,742 shares of company stock valued at $39,668,077. Insiders own 51.19% of the company’s stock.

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.