Tredje AP fonden Has $2.48 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Tredje AP fonden trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 1.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,082 shares of the company’s stock after selling 1,031 shares during the quarter. Tredje AP fonden’s holdings in DraftKings were worth $2,484,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DKNG. Norges Bank acquired a new position in shares of DraftKings during the 4th quarter worth $192,140,000. First Trust Advisors LP raised its stake in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. bought a new position in shares of DraftKings in the fourth quarter worth about $87,829,000. Vanguard Group Inc. boosted its stake in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after purchasing an additional 1,723,819 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Up 3.2 %

DKNG opened at $39.27 on Friday. The company has a fifty day moving average price of $35.40 and a two-hundred day moving average price of $39.50. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The company has a market cap of $34.13 billion, a P/E ratio of -33.28 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.17) EPS. Analysts predict that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Paul Liberman sold 668,890 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold 1,220,537 shares of company stock valued at $44,784,070 over the last ninety days. 51.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Monday. Morgan Stanley restated an “overweight” rating and set a $47.00 price objective on shares of DraftKings in a research report on Wednesday, September 11th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a research report on Tuesday, September 10th. Guggenheim reduced their price target on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.78.

DraftKings Profile

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.