First National Trust Co Sells 1,913 Shares of DraftKings Inc. (NASDAQ:DKNG)

First National Trust Co cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 14.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,565 shares of the company’s stock after selling 1,913 shares during the period. First National Trust Co’s holdings in DraftKings were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Janney Montgomery Scott LLC lifted its stake in DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after buying an additional 128,676 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of DraftKings during the 2nd quarter valued at $1,530,000. Romano Brothers AND Company bought a new position in DraftKings during the third quarter worth $1,181,000. US Bancorp DE grew its holdings in DraftKings by 110.2% in the third quarter. US Bancorp DE now owns 859,715 shares of the company’s stock worth $33,701,000 after purchasing an additional 450,773 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in DraftKings by 63.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after purchasing an additional 31,880 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DKNG. The Goldman Sachs Group decreased their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. UBS Group upped their target price on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Morgan Stanley lifted their price target 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. TD Cowen upped their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Truist Financial reiterated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.64.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 over the last quarter. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

DraftKings stock opened at $41.88 on Thursday. The business’s 50 day simple moving average is $38.00 and its 200 day simple moving average is $37.91. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market cap of $36.79 billion, a price-to-earnings ratio of -47.59 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Sell-side analysts forecast that DraftKings Inc. will post -0.41 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.