DraftKings Inc. (NASDAQ:DKNG) Shares Sold by HM Payson & Co.

HM Payson & Co. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 18.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,240 shares of the company’s stock after selling 500 shares during the period. HM Payson & Co.’s holdings in DraftKings were worth $83,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $37,000. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings during the 3rd quarter worth approximately $43,000. Finally, YANKCOM Partnership purchased a new position in shares of DraftKings during the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other news, insider Paul Liberman sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the transaction, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. The trade was a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,554,992 shares of company stock valued at $108,362,948 over the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Down 1.7 %

Shares of NASDAQ:DKNG opened at $39.41 on Monday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a market cap of $19.31 billion, a price-to-earnings ratio of -37.18, a PEG ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm’s 50-day simple moving average is $42.06 and its 200-day simple moving average is $40.07.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on DKNG. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. BTIG Research set a $59.00 price target on shares of DraftKings in a research report on Monday, February 3rd. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. TD Cowen decreased their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Barclays raised their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.44.

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.