Ontario Teachers Pension Plan Board Sells 22,846 Shares of DraftKings Inc. (NASDAQ:DKNG)

Ontario Teachers Pension Plan Board cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 81.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,244 shares of the company’s stock after selling 22,846 shares during the period. Ontario Teachers Pension Plan Board’s holdings in DraftKings were worth $206,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Global Retirement Partners LLC boosted its stake in shares of DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares during the last quarter. Creative Financial Designs Inc. ADV grew its holdings in DraftKings by 36.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the period. Brown Lisle Cummings Inc. raised its position in shares of DraftKings by 32.5% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after acquiring an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC lifted its stake in shares of DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after purchasing an additional 329 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Down 1.1 %

Shares of DKNG stock opened at $43.09 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $37.95 billion, a price-to-earnings ratio of -48.97 and a beta of 1.82. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a 50-day simple moving average of $38.92 and a two-hundred day simple moving average of $37.97.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Research analysts anticipate that DraftKings Inc. will post -0.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on DKNG shares. BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Barclays increased their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $50.85.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This trade represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 823,687 shares of company stock valued at $33,054,195 in the last ninety days. 51.19% of the stock is currently owned by insiders.

About DraftKings

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.