Wellington Shields & Co. LLC Sells 40,500 Shares of DraftKings Inc. (NASDAQ:DKNG)

Wellington Shields & Co. LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 51.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 38,350 shares of the company’s stock after selling 40,500 shares during the quarter. Wellington Shields & Co. LLC’s holdings in DraftKings were worth $1,786,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in shares of DraftKings by 70.2% in the fourth quarter. BlackRock Inc. now owns 7,224,257 shares of the company’s stock valued at $336,362,000 after buying an additional 2,980,635 shares in the last quarter. ArrowMark Colorado Holdings LLC purchased a new stake in shares of DraftKings in the third quarter valued at about $173,269,000. Lord Abbett & CO. LLC raised its holdings in shares of DraftKings by 30.2% in the fourth quarter. Lord Abbett & CO. LLC now owns 2,087,587 shares of the company’s stock valued at $97,198,000 after purchasing an additional 484,468 shares during the last quarter. Morgan Stanley raised its holdings in shares of DraftKings by 22.3% in the third quarter. Morgan Stanley now owns 1,634,900 shares of the company’s stock valued at $96,197,000 after purchasing an additional 298,308 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in DraftKings by 35.7% during the third quarter. Neuberger Berman Group LLC now owns 1,400,240 shares of the company’s stock worth $82,449,000 after buying an additional 368,088 shares during the last quarter. 46.50% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings stock traded down $3.33 during mid-day trading on Tuesday, reaching $57.04. 268,256 shares of the company traded hands, compared to its average volume of 14,823,218. The firm’s 50 day moving average price is $56.11 and its 200 day moving average price is $48.20. DraftKings Inc. has a 52-week low of $10.60 and a 52-week high of $64.78.

DKNG has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of DraftKings from $48.00 to $46.00 and set a “hold” rating for the company in a report on Monday, November 16th. Berenberg Bank initiated coverage on shares of DraftKings in a research note on Tuesday, January 19th. They issued a “sell” rating and a $41.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of DraftKings in a research report on Monday, December 7th. They issued a “neutral” rating and a $48.00 price objective for the company. Truist raised their price objective on shares of DraftKings from $48.00 to $60.00 in a research report on Thursday, January 14th. Finally, Piper Sandler initiated coverage on shares of DraftKings in a research report on Thursday, November 19th. They issued an “overweight” rating and a $58.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $59.21.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design and development of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

Read More: Price to Earnings Ratio (PE) Basics

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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