DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,302 shares of the company’s stock after selling 346 shares during the period. Gulf International Bank UK Ltd’s holdings in DraftKings were worth $51,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in shares of DraftKings during the 1st quarter valued at $31,000. Alta Advisers Ltd acquired a new stake in shares of DraftKings during the second quarter worth $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of DraftKings during the second quarter valued at $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC purchased a new position in DraftKings in the 3rd quarter worth about $46,000. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction 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 transaction, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Oppenheimer reduced their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Bank of America cut their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Susquehanna raised their target price on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. upped their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

DraftKings Stock Performance

DKNG opened at $40.13 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $35.26 billion, a PE ratio of -45.09 and a beta of 1.82. The stock has a 50-day moving average of $37.66 and a 200-day moving average of $37.95. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its 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). DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities research analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

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.