Swiss National Bank Decreases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Swiss National Bank cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,234,464 shares of the company’s stock after selling 60,100 shares during the quarter. Swiss National Bank’s holdings in DraftKings were worth $45,922,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its stake in shares of DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after purchasing an additional 26,164 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 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. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of DraftKings by 2.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock worth $58,038,000 after purchasing an additional 35,466 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the transaction, the director now owns 1,612 shares in the company, valued at approximately $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock worth $108,506,588 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Barclays raised their price objective on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Stifel Nicolaus raised their target price on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Truist Financial raised their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Performance

NASDAQ DKNG opened at $37.87 on Monday. The company has a market cap of $18.55 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock’s 50 day simple moving average is $42.14 and its 200-day simple moving average is $40.16. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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 anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.