Ossiam Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Ossiam cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,493 shares of the company’s stock after selling 613 shares during the period. Ossiam’s holdings in DraftKings were worth $465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after buying an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. grew its holdings in shares of DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC acquired a new stake in DraftKings during the fourth quarter worth about $874,000. Highland Capital Management LLC purchased a new position in DraftKings during the fourth quarter worth about $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after purchasing an additional 6,059 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Up 3.2 %

NASDAQ DKNG opened at $33.47 on Wednesday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The firm has a 50 day moving average of $38.69 and a two-hundred day moving average of $39.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $29.55 billion, a PE ratio of -31.58, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of DraftKings 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 sale, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. 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. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on DKNG shares. Benchmark raised their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Wells Fargo & Company lifted their target price on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price target on shares of DraftKings in a report on Monday, April 7th. Citigroup restated an “outperform” rating on shares of DraftKings in a report on Wednesday, April 2nd. Finally, BTIG Research lowered their target price on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.46.

DraftKings Company 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.