Commonwealth Equity Services LLC Has $6.17 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Commonwealth Equity Services LLC lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 9.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 165,751 shares of the company’s stock after selling 17,772 shares during the quarter. Commonwealth Equity Services LLC’s holdings in DraftKings were worth $6,166,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Achmea Investment Management B.V. acquired a new position in shares of DraftKings during the 4th quarter worth approximately $1,669,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of DraftKings by 37.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 683,942 shares of the company’s stock worth $25,443,000 after purchasing an additional 186,971 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of DraftKings by 16.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company’s stock worth $92,000 after purchasing an additional 353 shares during the last quarter. Prosperity Wealth Management Inc. increased its position in shares of DraftKings by 17.1% during the 4th quarter. Prosperity Wealth Management Inc. now owns 62,114 shares of the company’s stock worth $2,311,000 after purchasing an additional 9,052 shares during the last quarter. Finally, Citizens Financial Group Inc. RI acquired a new position in shares of DraftKings during the 4th quarter worth approximately $789,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 1,612 shares of the company’s stock, valued at approximately $67,704. The trade was a 67.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Monday, March 17th. The stock was 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 of the company’s stock, valued at $25,499,877. This trade represents a 7.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,663,966 shares of company stock valued at $112,550,362. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

NASDAQ:DKNG opened at $39.49 on Friday. The stock has a fifty day moving average price of $42.17 and a 200-day moving average price of $40.22. The company has a market cap of $19.35 billion, a price-to-earnings ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last posted 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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Needham & Company LLC set a $65.00 price target on DraftKings in a research report on Tuesday, February 18th. Truist Financial lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group lifted their target price on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. TD Cowen reduced their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Susquehanna reduced their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus 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.