Brown Brothers Harriman & Co. Sells 6,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Brown Brothers Harriman & Co. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 50.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,850 shares of the company’s stock after selling 6,000 shares during the period. Brown Brothers Harriman & Co.’s holdings in DraftKings were worth $229,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its position in DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its position in DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares in the last quarter. Brown Lisle Cummings Inc. lifted its position in DraftKings by 32.5% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after acquiring an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC lifted its position in DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock valued at $81,000 after acquiring an additional 329 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Down 0.1 %

DKNG opened at $43.03 on Thursday. The firm has a 50-day simple moving average of $39.20 and a two-hundred day simple moving average of $37.92. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a market capitalization of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 735,246 shares of company stock valued at $29,902,158. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on DKNG shares. Macquarie boosted their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. Morgan Stanley boosted their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Barclays boosted their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.04.

About DraftKings

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.