Corient Private Wealth LLC Has $11.71 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Corient Private Wealth LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 1.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 321,619 shares of the company’s stock after selling 4,770 shares during the quarter. Corient Private Wealth LLC’s holdings in DraftKings were worth $11,707,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after buying an additional 284,131 shares during the period. Baillie Gifford & Co. acquired a new position in DraftKings in the fourth quarter valued at approximately $246,765,000. FMR LLC lifted its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after buying an additional 826,626 shares during the period. Fred Alger Management LLC lifted its stake in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted its stake in DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after buying an additional 236,427 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. Wells Fargo & Company boosted their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Canaccord Genuity Group boosted their price objective on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. JMP Securities restated a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. TD Cowen decreased their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, Truist Financial boosted their price objective on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Stock Up 4.4 %

Shares of NASDAQ:DKNG opened at $38.54 on Thursday. The company has a market capitalization of $18.88 billion, a PE ratio of -36.36, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The business has a fifty day moving average price of $42.17 and a two-hundred day moving average price of $40.20. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

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

Insider Activity

In other news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the transaction, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,663,966 shares of company stock valued at $112,550,362 in the last 90 days. Insiders own 51.19% of the company’s stock.

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.