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The North Carolina state treasurer has $6.60 million worth of stock in DraftKings Inc. (NASDAQ:DKNG)


The North Carolina state treasurer has closed his position in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) fell 0.8% during the fourth quarter, the company said in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,106 shares of the company, after selling 1,560 shares during the quarter. The North Carolina State Treasurer’s holdings in DraftKings were worth $6,595,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in DraftKings during the fourth quarter worth approximately $192,140,000. Massachusetts Financial Services Co. MA acquired a new position in shares of DraftKings in the third quarter worth approximately $107,276,000. Ameriprise Financial Inc. increased its stake in DraftKings shares by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after purchasing an additional 3,444,107 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in DraftKings during the third quarter valued at $91,790,000. Finally, Jericho Capital Asset Management LP boosted its position in DraftKings by 39.4% during the third quarter. Jericho Capital Asset Management LP now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after acquiring an additional 2,022,000 shares during the last quarter. Institutional investors own 37.70% of the company’s shares.

DraftKings Stock Performance

Shares of DraftKings opened at $35.13 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings Inc. has a 52-week low of $22.92 and a 52-week high of $49.57. The company has a fifty-day moving average of $43.04 and a 200-day moving average of $40.42.

DraftKings (NASDAQ:DKNG – Get Free Report) posted its latest quarterly results on Thursday, May 2. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company had revenue of $1.18 billion for the quarter, compared to analyst expectations of $1.12 billion. During the same quarter of the previous year, the company earned ($0.87) earnings per share. The company’s quarterly revenue rose 52.7% year over year. Stock analysts predict that DraftKings Inc. will post a profit per share of -0.2 for the current financial year.

Changes in analyst ratings

Several research analysts have issued reports on DKNG stock. BTIG Research increased their target price on DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, May 6. Bank Of America (Bofa) raised their price target on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15. BMO Capital Markets raised their price objective on DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a research note on Monday, May 6. Moffett Nathanson raised his price target on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28. Finally, Stifel Nicolaus lowered their target price on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, May 29. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.24.

Check out our latest stock report on DKNG

Insider activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings in a transaction on Monday, April 22. The shares sold at an average price of $40.91, for a total value of $8,182,000.00. Following the sale, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 600,000 shares of the company worth $25,434,000 last quarter. 48.94% of the shares are owned by business insiders.

DraftKings Profile

(Free report)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It offers online sports betting and casinos, daily fantasy sports, media and other consumer products, and also sells sports books. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks and iGaming operators.

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Quarterly Institutional Ownership for DraftKings (NASDAQ:DKNG)



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