State of New Jersey Common Pension Fund D Lowers Holdings in DraftKings Inc. (NASDAQ:DKNG)

State of New Jersey Common Pension Fund D cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 0.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 160,548 shares of the company’s stock after selling 1,029 shares during the period. State of New Jersey Common Pension Fund D’s holdings in DraftKings were worth $6,293,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DKNG. Vanguard Group Inc. increased its stake in DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after purchasing an additional 747,937 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of DraftKings by 8.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after acquiring an additional 441,975 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in DraftKings by 20.6% in the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after acquiring an additional 663,427 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after acquiring an additional 870,789 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. UBS Group boosted their price target on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Morgan Stanley boosted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Wells Fargo & Company lifted their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Benchmark reissued a “buy” rating and set a $44.00 price target on shares of DraftKings in a report on Monday, October 7th. Finally, The Goldman Sachs Group cut their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.48.

DraftKings Stock Up 7.7 %

Shares of NASDAQ DKNG opened at $43.21 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50-day simple moving average of $37.83 and a two-hundred day simple moving average of $37.92. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a market cap of $37.96 billion, a P/E ratio of -49.10 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion for 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 42.13%. Research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Activity at DraftKings

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

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.