DraftKings Inc. (NASDAQ:DKNG) Stock Position Lessened by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,566 shares of the company’s stock after selling 5,176 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in DraftKings were worth $1,249,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of DKNG. Baillie Gifford & Co. bought a new stake in shares of DraftKings during the 4th quarter worth about $246,765,000. Contrarius Group Holdings Ltd bought a new position in shares of DraftKings in the fourth quarter valued at approximately $58,397,000. FMR LLC increased its stake in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Vanguard Group Inc. raised its holdings in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. Finally, Mediolanum International Funds Ltd acquired a new stake in DraftKings in the fourth quarter worth approximately $17,334,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,775,525 shares of company stock valued at $117,241,446 over the last three months. 51.19% of the stock is currently owned by insiders.

DraftKings Price Performance

DKNG opened at $35.29 on Monday. The stock has a fifty day moving average price of $42.01 and a 200 day moving average price of $40.36. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a market cap of $17.64 billion, a price-to-earnings ratio of -33.29, a PEG ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) 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%. Analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Cowen reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Truist Financial boosted their price target 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. Barclays raised their price objective 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. Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. Finally, Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.42.

About DraftKings

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.