DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Sei Investments Co.

Sei Investments Co. lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 44.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 307,608 shares of the company’s stock after selling 242,312 shares during the quarter. Sei Investments Co. owned 0.06% of DraftKings worth $11,443,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Stonebridge Financial Group LLC purchased a new stake in DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings in the 4th quarter worth approximately $37,000. Delos Wealth Advisors LLC purchased a new position in DraftKings in the 3rd quarter valued at approximately $43,000. Finally, YANKCOM Partnership acquired a new position in DraftKings during the fourth quarter worth $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on DKNG. Truist Financial upped their target price on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. TD Cowen reduced their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Piper Sandler reissued an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Down 4.7 %

Shares of NASDAQ:DKNG opened at $35.29 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a 50-day simple moving average of $42.01 and a 200-day simple moving average of $40.35. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The stock has a market capitalization of $17.64 billion, a P/E ratio of -33.29, a PEG ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current 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.