DraftKings Inc. $DKNG Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 26.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 92,490 shares of the company’s stock after selling 32,629 shares during the quarter. Cibc World Market Inc.’s holdings in DraftKings were worth $3,187,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Dagco Inc. acquired a new stake in DraftKings during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. boosted its position in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after acquiring an additional 405 shares during the last quarter. Asset Dedication LLC acquired a new stake in DraftKings during the third quarter worth approximately $37,000. Montag A & Associates Inc. boosted its position in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC acquired a new stake in DraftKings during the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 484,417 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 521,663 shares of company stock valued at $13,144,962 in the last ninety days. Corporate insiders own 47.18% of the company’s stock.

DraftKings Stock Performance

DraftKings stock opened at $24.78 on Tuesday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 413.00 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The firm’s fifty day moving average price is $23.87 and its 200 day moving average price is $27.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the firm earned ($0.07) EPS. The business’s quarterly revenue was up 16.8% on a year-over-year basis. On average, research analysts forecast that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on DKNG shares. JPMorgan Chase & Co. cut their price target on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, April 16th. The Goldman Sachs Group cut their price target on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Truist Financial cut their price target on shares of DraftKings from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Wells Fargo & Company reaffirmed an “overweight” rating and set a $32.00 price target on shares of DraftKings in a research note on Sunday, May 10th. Finally, Wedbush began coverage on shares of DraftKings in a research note on Friday, April 24th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

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.