Bank of Hawaii Trims Stake in DraftKings Inc. (NASDAQ:DKNG)

Bank of Hawaii cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 49,044 shares of the company’s stock after selling 3,669 shares during the period. Bank of Hawaii’s holdings in DraftKings were worth $1,824,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the 4th quarter valued at about $30,000. Synergy Investment Management LLC purchased a new position in shares of DraftKings during the 4th quarter worth about $37,000. Westpac Banking Corp acquired a new position in shares of DraftKings during the fourth quarter worth about $44,000. Finally, YANKCOM Partnership acquired a new stake in DraftKings in the fourth quarter valued at $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on DKNG shares. Stifel Nicolaus raised their price objective on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. JMP Securities set a $57.00 price objective on shares of DraftKings in a report on Wednesday, April 2nd. Barclays boosted their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lifted their target price on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Truist Financial boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus target price of $54.69.

DraftKings Trading Up 12.4 %

DKNG opened at $35.84 on Thursday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market cap of $17.92 billion, a P/E ratio of -33.81, a P/E/G ratio of 1.43 and a beta of 2.16. The stock has a 50-day moving average of $40.39 and a 200 day moving average of $39.96. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock worth $117,241,446 over the last ninety days. Company insiders own 47.08% of the company’s stock.

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.