Sherbrooke Park Advisers LLC Has $244,000 Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Sherbrooke Park Advisers LLC lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 44.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,551 shares of the company’s stock after selling 5,225 shares during the period. Sherbrooke Park Advisers LLC’s holdings in DraftKings were worth $244,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DKNG. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the fourth quarter worth about $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings during the 4th quarter worth approximately $28,000. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC bought a new position in DraftKings in the fourth quarter valued at approximately $30,000. Finally, Synergy Investment Management LLC acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares in the company, valued at $67,704. The trade was a 67.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This represents a 6.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,697,908 shares of company stock worth $112,137,019 over the last quarter. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on DKNG shares. Piper Sandler restated an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. TD Securities dropped their price target on DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Finally, JMP Securities set a $57.00 price objective on DraftKings in a report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $37.20 on Tuesday. The business’s 50 day moving average price is $35.22 and its two-hundred day moving average price is $39.35. The company has a market cap of $33.08 billion, a PE ratio of -35.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

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.