Eastern Bank Sells 600 Shares of DraftKings Inc. (NASDAQ:DKNG)

Eastern Bank lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 40.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 900 shares of the company’s stock after selling 600 shares during the period. Eastern Bank’s holdings in DraftKings were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $28,028,000. Janney Montgomery Scott LLC grew its holdings in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $38.72 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock’s fifty day moving average price is $40.64 and its 200-day moving average price is $37.93. The firm has a market cap of $34.10 billion, a P/E ratio of -44.00 and a beta of 1.90. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57.

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

Insiders Place Their Bets

In related news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated 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. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock worth $41,303,025 over the last 90 days. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of recent research reports. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research note on Tuesday, January 7th. JPMorgan Chase & Co. boosted their price objective on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Susquehanna lowered their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Company 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.