DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 6,174,531 shares of the company’s stock after selling 249,407 shares during the period. Nuveen Asset Management LLC owned approximately 1.27% of DraftKings worth $229,693,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in DKNG. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings during the fourth quarter worth $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the 4th quarter valued at about $30,000. Synergy Investment Management LLC acquired a new position in DraftKings in the 4th quarter valued at about $37,000. Westpac Banking Corp purchased a new stake in DraftKings during the fourth quarter worth about $44,000. Finally, YANKCOM Partnership purchased a new stake in DraftKings during the fourth quarter worth about $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider now directly owns 4,155,130 shares in the company, valued at approximately $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the sale, the insider now directly owns 601,520 shares of the company’s stock, valued at $19,417,065.60. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,691,079 shares of company stock valued at $111,885,917 over the last quarter. Company insiders own 47.08% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of several recent research reports. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Canaccord Genuity Group increased their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Susquehanna boosted their price target on shares of DraftKings from $42.00 to $52.00 and gave the stock a “positive” rating in a research note on Monday. JMP Securities set a $57.00 price objective on DraftKings in a research report on Wednesday, April 2nd. Finally, Mizuho decreased their target price on DraftKings from $59.00 to $58.00 and set an “outperform” rating for the company in a report on Monday. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $55.04.

DraftKings Trading Down 4.3%

NASDAQ DKNG opened at $36.61 on Friday. The firm’s fifty day moving average price is $35.28 and its 200 day moving average price is $39.29. DraftKings Inc. has a 12 month low of $28.69 and a 12 month 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. The company has a market capitalization of $32.33 billion, a price-to-earnings ratio of -34.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share 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.