DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.8% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,143 shares of the company’s stock after selling 514 shares during the period. Bank of Nova Scotia’s holdings in DraftKings were worth $377,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of DraftKings in the fourth quarter worth $276,328,000. FMR LLC grew its stake in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in DraftKings during the 4th quarter worth about $246,765,000. Contrarius Group Holdings Ltd acquired a new stake in DraftKings in the 4th quarter valued at about $58,397,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of DraftKings by 18.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock valued at $252,867,000 after buying an additional 1,036,763 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on DKNG. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. JMP Securities set a $57.00 price objective on shares of DraftKings in a report on Wednesday, April 2nd. Canaccord Genuity Group increased their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Citigroup reaffirmed an “outperform” rating on shares of DraftKings in a research report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $55.04.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,575,525 shares of company stock worth $109,441,446. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $34.23 on Tuesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a market cap of $17.11 billion, a PE ratio of -32.29, a P/E/G ratio of 1.43 and a beta of 2.16. The stock has a fifty day moving average price of $39.94 and a 200 day moving average price of $39.84. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

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

DraftKings Profile

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.