DraftKings Inc. $DKNG Stake Decreased by Baird Financial Group Inc.

Baird Financial Group Inc. cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,375,607 shares of the company’s stock after selling 36,954 shares during the period. Baird Financial Group Inc.’s holdings in DraftKings were worth $59,000,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DKNG. Brooklyn Investment Group raised its stake in DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after acquiring an additional 270 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of DraftKings by 9.1% during the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after purchasing an additional 286 shares during the period. Wealthfront Advisers LLC raised its stake in shares of DraftKings by 5.1% during the second quarter. Wealthfront Advisers LLC now owns 7,630 shares of the company’s stock valued at $327,000 after purchasing an additional 367 shares in the last quarter. Finally, CX Institutional lifted its holdings in DraftKings by 13.0% in the second quarter. CX Institutional now owns 3,341 shares of the company’s stock worth $143,000 after purchasing an additional 385 shares during the period. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DKNG. Bank of America lowered shares of DraftKings from a “buy” rating to a “neutral” rating and decreased their target price for the company from $48.00 to $35.00 in a research report on Tuesday, November 4th. BTIG Research reduced their price target on shares of DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Citigroup started coverage on shares of DraftKings in a report on Friday, November 21st. They issued a “buy” rating and a $48.00 price objective for the company. Northland Securities upgraded shares of DraftKings from an “under perform” rating to a “market perform” rating in a research note on Monday, November 10th. Finally, Macquarie cut their target price on DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, November 10th. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.38.

Insider Activity

In other news, Director Gregory Westin Wendt purchased 10,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average price of $30.27 per share, for a total transaction of $302,700.00. Following the transaction, the director owned 10,000 shares in the company, valued at $302,700. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the completion of the transaction, the insider directly owned 512,182 shares of the company’s stock, valued at $17,332,238.88. This represents a 9.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 166,752 shares of company stock valued at $5,387,153. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $35.19 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The firm has a market cap of $17.52 billion, a PE ratio of -61.74, a P/E/G ratio of 2.86 and a beta of 1.60. The business has a fifty day simple moving average of $32.69 and a 200-day simple moving average of $38.91. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.