TD Waterhouse Canada Inc. Sells 191,063 Shares of DraftKings Inc. $DKNG

TD Waterhouse Canada Inc. decreased its stake in DraftKings Inc. (NASDAQ:DKNG) by 98.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,071 shares of the company’s stock after selling 191,063 shares during the period. TD Waterhouse Canada Inc.’s holdings in DraftKings were worth $71,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Viking Global Investors LP purchased a new stake in shares of DraftKings in the 3rd quarter valued at $561,125,000. AQR Capital Management LLC boosted its stake in shares of DraftKings by 63.5% in the 3rd quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock valued at $437,044,000 after purchasing an additional 4,538,007 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of DraftKings by 1.1% in 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 in the last quarter. Capital World Investors boosted its stake in shares of DraftKings by 2.1% in the 3rd quarter. Capital World Investors now owns 6,618,072 shares of the company’s stock valued at $247,516,000 after purchasing an additional 138,891 shares in the last quarter. Finally, Eminence Capital LP boosted its stake in shares of DraftKings by 31.9% in the 3rd quarter. Eminence Capital LP now owns 6,274,863 shares of the company’s stock valued at $234,680,000 after purchasing an additional 1,517,413 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 1.5%

Shares of DKNG opened at $23.53 on Tuesday. The stock has a market capitalization of $11.66 billion, a P/E ratio of -588.25, a PEG ratio of 1.09 and a beta of 1.68. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The firm has a fifty day simple moving average of $23.39 and a two-hundred day simple moving average of $28.92. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78.

Insider Activity

In other news, Director Harry Sloan purchased 100,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was acquired at an average price of $21.85 per share, with a total value of $2,185,000.00. Following the transaction, the director directly owned 350,219 shares of the company’s stock, valued at approximately $7,652,285.15. This represents a 39.96% increase in their position. The acquisition 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 stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares of the company’s stock, valued at $5,374,100.52. The trade was a 69.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 496,718 shares of company stock worth $12,477,308. 47.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DKNG. Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. cut their price objective on shares of DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Thursday, April 16th. Susquehanna cut their price objective on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a research note on Tuesday, March 31st. Stephens began coverage on shares of DraftKings in a research note on Friday. They issued an “overweight” rating for the company. Finally, Oppenheimer cut their price objective on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Twenty-seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.84.

About DraftKings

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.