Federated Hermes Inc. Sells 101,817 Shares of DraftKings Inc. $DKNG

Federated Hermes Inc. reduced its holdings in DraftKings Inc. (NASDAQ:DKNG) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,755,383 shares of the company’s stock after selling 101,817 shares during the quarter. Federated Hermes Inc.’s holdings in DraftKings were worth $75,288,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of DraftKings by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock worth $1,876,924,000 after purchasing an additional 670,884 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in DraftKings by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after buying an additional 130,434 shares during the period. Geode Capital Management LLC lifted its holdings in shares of DraftKings by 5.4% during the second quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock worth $385,552,000 after buying an additional 458,452 shares during the last quarter. Norges Bank acquired a new position in shares of DraftKings during the second quarter worth approximately $362,554,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 4.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,393,947 shares of the company’s stock valued at $317,126,000 after acquiring an additional 295,306 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Gregory Westin Wendt purchased 10,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the transaction, the director directly owned 10,000 shares of the company’s stock, valued at approximately $302,700. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry Sloan acquired 25,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average price of $30.30 per share, with a total value of $757,500.00. Following the completion of the purchase, the director directly owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This represents a 11.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 166,752 shares of company stock worth $5,387,153 in the last quarter. Corporate insiders own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DKNG. Macquarie dropped their target price on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Sanford C. Bernstein dropped their price objective on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a report on Monday, November 10th. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 target price on shares of DraftKings in a research note on Wednesday, November 19th. Truist Financial lowered their price target on DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Finally, Berenberg Bank set a $43.00 price target on DraftKings and gave the company a “buy” rating in a report on Thursday, October 9th. 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. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.48.

DraftKings Stock Performance

NASDAQ DKNG opened at $34.00 on Monday. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61. 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 stock has a market cap of $16.92 billion, a P/E ratio of -59.65, a PEG ratio of 2.82 and a beta of 1.60. The company’s 50-day simple moving average is $32.52 and its 200 day simple moving average is $38.93.

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