Y Intercept Hong Kong Ltd Lowers Stake in DraftKings Inc. $DKNG

Y Intercept Hong Kong Ltd lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 84.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,443 shares of the company’s stock after selling 303,743 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in DraftKings were worth $2,036,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in DraftKings by 1.6% during the second quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock worth $1,876,924,000 after buying an additional 670,884 shares during the period. Geode Capital Management LLC grew its holdings in DraftKings by 5.4% in the second quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock worth $385,552,000 after purchasing an additional 458,452 shares during the last quarter. Norges Bank acquired a new position in shares of DraftKings during the second quarter worth $362,554,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of DraftKings by 1.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock valued at $279,494,000 after purchasing an additional 79,152 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of DraftKings by 52.2% in the 2nd quarter. AQR Capital Management LLC now owns 7,147,665 shares of the company’s stock worth $306,563,000 after purchasing an additional 2,451,421 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other DraftKings news, Director Gregory Westin Wendt acquired 10,000 shares of the firm’s stock in a transaction that occurred 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 acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $302,700. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total value of $1,689,391.77. Following the sale, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $16,005,000. This trade represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 166,752 shares of company stock valued at $5,252,044 over the last 90 days. Insiders own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Morgan Stanley raised their price target on DraftKings from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of DraftKings in a report on Wednesday, November 19th. Sanford C. Bernstein cut their target price on DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Truist Financial reduced their target price on DraftKings from $45.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, December 22nd. Finally, Susquehanna set a $44.00 target price on DraftKings in a report on Tuesday. Twenty-four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.97.

DraftKings Price Performance

NASDAQ:DKNG opened at $30.12 on Thursday. The stock has a market capitalization of $14.99 billion, a PE ratio of -52.84, a price-to-earnings-growth ratio of 0.63 and a beta of 1.63. The stock’s 50-day moving average price is $33.62 and its 200-day moving average price is $37.67. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a 52 week low of $26.23 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $1.40 billion. During the same period in the previous year, the company earned ($0.60) earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.