River Global Investors LLP Reduces Stake in DraftKings Inc.

River Global Investors LLP has recently reduced its ownership in DraftKings Inc. (NASDAQ:DKNG) by 34.6% during the fourth quarter, as reported in their latest filing with the Securities and Exchange Commission. After selling 14,911 shares in the quarter, the firm now holds 28,157 shares of DraftKings, valued at approximately $1,047,000 at the end of this period.

• 5 Reasons DraftKings Stock Looks Promising in the New Year

Additionally, several other institutional investors have participated in buying and selling DraftKings shares. For instance, Principal Financial Group Inc. increased its stake by 14.6% in the third quarter, holding 234,768 shares worth $9,203,000 after acquiring an additional 29,991 shares. Moreover, Mizuho Securities USA LLC has taken a new position in DraftKings valued at around $28,028,000 during the same period.

Charles Schwab Investment Management Inc. also raised its holdings by 2.8%, now owning 3,175,255 shares valued at $124,470,000 after adding 86,336 shares. Connor Clark & Lunn Investment Management Ltd. made a significant move by boosting its position by 238.6%, ending up with 496,971 shares worth $19,481,000 after purchasing 350,215 shares.

Lastly, UBS AM, under UBS Asset Management Americas LLC, increased its stake by 2.5%, now having 1,480,549 shares valued at $58,038,000 after acquiring 35,466 shares. In total, institutional investors hold 37.70% of DraftKings' stock.

Analyst Ratings

Recent commentary from various brokerages has been positive regarding DraftKings. Stifel Nicolaus raised their price target for DraftKings from $48.00 to $57.00 while maintaining a "buy" rating in a research note from February 18. Argus set a target price of $60.00 on the same day.

On the other hand, TD Cowen adjusted its price target from $55.00 to $51.00 while keeping a "buy" rating. Additionally, Needham & Company LLC set a price target of $65.00 on February 18, while BTIG Research set a target of $59.00 on February 3. Currently, three analysts rate the stock as a hold, while twenty-five have issued buy ratings, leading to a consensus rating of "Moderate Buy" at a price target of $54.44 according to MarketBeat.

• Get Ahead of the January Effect With These 2 Fintech Stocks

Current Stock Performance

As of Friday, DraftKings' stock opened at $39.41. The company has experienced a one-year low of $28.69 and a high of $53.61. DraftKings currently holds a market capitalization of $19.31 billion, with a PE ratio of -37.18 and a price-to-earnings-growth ratio of 1.43. Its 50-day moving average price is $42.06, and the 200-day moving average is $40.00. The company's debt-to-equity ratio stands at 1.24, with a quick ratio of 1.00 and a current ratio of 0.93.

• Flutter Entertainment Could Be a Strong Sports Betting Option

Earnings Report

DraftKings released its latest quarterly earnings results on February 13, reporting an earnings per share of ($0.28), which fell short of the consensus estimate of $0.07 by ($0.35). The company also reported negative returns on equity at 48.13% and a negative net margin of 10.64%. Analysts are predicting DraftKings will post earnings per share of 0.64 for the current fiscal year.

Insider Transactions

In related news, insider Matthew Kalish sold 210,000 shares on March 4 at an average price of $40.61, totaling $8,528,100. Following this sale, Kalish's remaining shares amounted to 4,140,509, valued at approximately $168,146,070. The sale indicates a 4.83% decrease in his stock ownership. Furthermore, another insider, Jason Robins, sold 666,651 shares on February 25 at an average price of $42.42, valued at $28,279,335.42. Robins now holds 3,336,195 shares, reflecting a 16.65% decrease in his position. Insiders have sold 2,783,488 shares worth $118,128,867 in the last quarter, while they continue to own 51.19% of the company’s stock.

About DraftKings

DraftKings Inc. operates as a digital sports entertainment and gaming company, providing online sports betting, casino services, daily fantasy sports, and various consumer products. The company engages in designing and developing software for both online and retail sportsbooks as well as iGaming operators.

Additional Insights

• Explore Five Stocks We Prefer Over DraftKings
• Top Biotech Stocks: Innovations Worth Watching
• Is Myers Industries Set for a Breakout?
• Where to Find 52-Week Highs and Lows?
• Is BigBear.ai's Recent 25% Drop a False Alarm?
• NYSE Offers a Variety of Investment Opportunities
• Broadcom's AI Outlook: Anticipating Future Growth

This article was created using advanced technology to provide fast and accurate financial reporting.

Considering an Investment?

Before making any investment decisions regarding DraftKings, it's vital to conduct thorough research. Analysts have identified five stocks that they believe are better opportunities right now compared to DraftKings.

For more insights, explore these top recommendations.

DraftKings, Investors, Stock