CNB Bank Sells 272 Shares of DraftKings Inc. (NASDAQ:DKNG)

CNB Bank lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,331 shares of the company’s stock after selling 272 shares during the period. CNB Bank’s holdings in DraftKings were worth $294,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its holdings in shares of DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of DraftKings by 4.4% in the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after purchasing an additional 341 shares during the last quarter. Signaturefd LLC raised its holdings in shares of DraftKings by 7.6% in the third quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock valued at $158,000 after purchasing an additional 379 shares during the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of DraftKings by 3.8% in the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after purchasing an additional 381 shares during the last quarter. Finally, Gables Capital Management Inc. raised its holdings in shares of DraftKings by 2.2% in the third quarter. Gables Capital Management Inc. now owns 18,330 shares of the company’s stock valued at $540,000 after purchasing an additional 400 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DraftKings stock traded down $0.96 during trading on Friday, reaching $40.68. The company’s stock had a trading volume of 11,690,485 shares, compared to its average volume of 10,281,084. The business’s 50-day moving average price is $43.79 and its 200-day moving average price is $37.92. The firm has a market cap of $35.25 billion, a PE ratio of -23.25 and a beta of 1.86. DraftKings Inc. has a 52 week low of $20.26 and a 52 week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the company earned ($0.53) EPS. The company’s revenue for the quarter was up 43.9% compared to the same quarter last year. Equities analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Moffett Nathanson lifted their price objective on shares of DraftKings from $52.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 28th. UBS Group boosted their target price on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Piper Sandler boosted their target price on shares of DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Finally, The Goldman Sachs Group began coverage on shares of DraftKings in a report on Tuesday. They set a “buy” rating and a $60.00 target price on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the sale, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock valued at $65,685,509 over the last quarter. 51.19% of the stock is owned by company insiders.

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.