Y Intercept Hong Kong Ltd Lowers Stake in DraftKings Inc. $DKNG

Y Intercept Hong Kong Ltd lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 84.8% in the 3rd quarter, Holdings Channel reports. The firm owned 54,443 shares of the company’s stock after selling 303,743 shares during the period. Y Intercept Hong Kong Ltd’s holdings in DraftKings were worth $2,036,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its holdings in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after purchasing an additional 40,495 shares during the period. Empowered Funds LLC increased its stake in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after purchasing an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of DraftKings during the second quarter worth about $603,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after purchasing an additional 286 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, Director Gregory Westin Wendt purchased 10,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average price of $30.27 per share, with a total value of $302,700.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at approximately $302,700. This represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the sale, the chief financial officer directly owned 126,990 shares of the company’s stock, valued at $3,711,917.70. The trade was a 6.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 166,752 shares of company stock worth $5,252,044. 47.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on DKNG shares. UBS Group reaffirmed a “buy” rating on shares of DraftKings in a research note on Wednesday, January 7th. Macquarie cut their price objective on DraftKings from $50.00 to $48.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Sanford C. Bernstein decreased their target price on DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Wells Fargo & Company started coverage on DraftKings in a research note on Tuesday, November 18th. They set an “equal weight” rating and a $31.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, January 21st. Twenty-four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.97.

DraftKings Trading Up 0.0%

NASDAQ DKNG opened at $30.12 on Thursday. The firm’s fifty day moving average price is $33.62 and its 200 day moving average price is $37.67. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. The company has a market capitalization of $14.99 billion, a price-to-earnings ratio of -52.84, a price-to-earnings-growth ratio of 0.63 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned ($0.60) earnings per share. DraftKings’s revenue was up 4.4% on a year-over-year basis. On average, sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.