Sumitomo Mitsui Trust Group Inc. Has $147.24 Million Stock Holdings in DraftKings Inc. $DKNG

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 24.1% in the third quarter, Holdings Channel reports. The fund owned 3,936,940 shares of the company’s stock after selling 1,252,551 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in DraftKings were worth $147,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of DKNG. Norges Bank acquired a new stake in shares of DraftKings in the second quarter valued at about $362,554,000. Brown Advisory Inc. boosted its stake in DraftKings by 53,272.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company’s stock valued at $173,974,000 after purchasing an additional 4,048,680 shares during the period. AQR Capital Management LLC grew its holdings in DraftKings by 52.2% in the 2nd quarter. AQR Capital Management LLC now owns 7,147,665 shares of the company’s stock valued at $306,563,000 after buying an additional 2,451,421 shares during the last quarter. Columbus Hill Capital Management L.P. grew its holdings in DraftKings by 1,379.5% in the 2nd quarter. Columbus Hill Capital Management L.P. now owns 1,183,580 shares of the company’s stock valued at $50,764,000 after buying an additional 1,103,580 shares during the last quarter. Finally, Bamco Inc. NY increased its position in DraftKings by 33.9% in the 2nd quarter. Bamco Inc. NY now owns 3,670,460 shares of the company’s stock worth $157,426,000 after buying an additional 929,997 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

NASDAQ:DKNG opened at $34.96 on Tuesday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The company has a 50-day moving average of $33.00 and a 200-day moving average of $38.49. DraftKings Inc. has a 52 week low of $26.23 and a 52 week high of $53.61. The company has a market capitalization of $17.40 billion, a price-to-earnings ratio of -61.33, a PEG ratio of 0.71 and a beta of 1.63.

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

Insider Buying and Selling

In other news, Director Harry Sloan purchased 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average cost of $30.30 per share, with a total value of $757,500.00. Following the acquisition, the director directly owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gregory Westin Wendt purchased 10,000 shares of DraftKings stock in a transaction on Tuesday, November 11th. The stock was purchased at an average price of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have sold 166,752 shares of company stock valued at $5,387,153. 47.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DKNG. Guggenheim reduced their price objective on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Barclays reduced their price target on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Zacks Research upgraded shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Friday. Finally, JPMorgan Chase & Co. reduced their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. Twenty-five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.07.

DraftKings 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.