CIBC Private Wealth Group LLC Sells 28,014 Shares of DraftKings Inc. $DKNG

CIBC Private Wealth Group LLC lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,625,434 shares of the company’s stock after selling 28,014 shares during the period. CIBC Private Wealth Group LLC’s holdings in DraftKings were worth $60,791,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in DKNG. Vanguard Group Inc. increased its holdings in DraftKings by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock worth $1,876,924,000 after acquiring an additional 670,884 shares during the last quarter. Viking Global Investors LP purchased a new stake in DraftKings during the third quarter valued at about $561,125,000. AQR Capital Management LLC lifted its holdings in DraftKings by 63.5% during the third quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock valued at $437,044,000 after purchasing an additional 4,538,007 shares during the last quarter. Norges Bank bought a new position in DraftKings during the second quarter worth about $362,554,000. Finally, Massachusetts Financial Services Co. MA boosted its position in DraftKings by 1.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock worth $279,494,000 after purchasing an additional 79,152 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the sale, the insider directly owned 500,000 shares in the company, valued at $16,005,000. This represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the transaction, the chief accounting officer directly owned 38,168 shares of the company’s stock, valued at approximately $937,406.08. The trade was a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 549,495 shares of company stock worth $14,166,700 in the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Trading Up 0.2%

Shares of DraftKings stock opened at $25.28 on Thursday. The company’s 50-day moving average price is $27.28 and its 200-day moving average price is $32.77. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings Inc. has a 12-month low of $21.01 and a 12-month high of $48.78. The company has a market cap of $12.46 billion, a price-to-earnings ratio of -632.00, a PEG ratio of 1.04 and a beta of 1.67.

Analyst Ratings Changes

Several research firms have recently issued reports on DKNG. Jefferies Financial Group set a $46.00 price target on shares of DraftKings in a research report on Tuesday, March 3rd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of DraftKings in a report on Tuesday, March 3rd. Barclays reiterated an “overweight” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Mizuho lowered their target price on shares of DraftKings from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Finally, Stifel Nicolaus dropped their target price on DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $37.09.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.