Renaissance Technologies LLC Sells 1,561,500 Shares of DraftKings Inc. (NASDAQ:DKNG)

Renaissance Technologies LLC reduced its holdings in DraftKings Inc. (NASDAQ:DKNG) by 44.4% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,954,657 shares of the company’s stock after selling 1,561,500 shares during the quarter. Renaissance Technologies LLC owned 0.22% of DraftKings worth $74,609,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in DKNG. Norges Bank bought a new position in DraftKings in the 4th quarter worth about $192,140,000. First Trust Advisors LP boosted its holdings in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in shares of DraftKings in the 4th quarter worth about $87,829,000. Vanguard Group Inc. boosted its holdings in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of DraftKings by 1,048.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,220,537 shares of company stock valued at $44,784,070. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Up 1.2 %

Shares of NASDAQ:DKNG opened at $38.24 on Tuesday. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The firm has a market capitalization of $33.24 billion, a P/E ratio of -32.41 and a beta of 1.80. The stock has a 50 day moving average price of $35.28 and a 200-day moving average price of $39.54. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the company earned ($0.17) EPS. The business’s revenue was up 26.2% compared to the same quarter last year. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Berenberg Bank upgraded DraftKings to a “hold” rating in a report on Friday, May 31st. Bank of America cut their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. 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. Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Finally, Wells Fargo & Company dropped their target price on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.78.

DraftKings Company 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.