Ardsley Advisory Partners LP Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Ardsley Advisory Partners LP decreased its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 11.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the company's stock after selling 20,000 shares during the quarter. Ardsley Advisory Partners LP's holdings in DraftKings were worth $5,574,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Anchor Investment Management LLC grew its holdings in DraftKings by 11.9% in the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company's stock worth $369,000 after buying an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in DraftKings in the 3rd quarter worth about $304,000. Principal Financial Group Inc. lifted its position in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Diversified Trust Co grew its holdings in shares of DraftKings by 16.7% during the fourth quarter. Diversified Trust Co now owns 61,607 shares of the company's stock valued at $2,292,000 after buying an additional 8,802 shares in the last quarter. Finally, Grassi Investment Management increased its stake in DraftKings by 16.4% in the 4th quarter. Grassi Investment Management now owns 29,500 shares of the company's stock valued at $1,097,000 after buying an additional 4,150 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

DKNG stock traded down $0.54 during midday trading on Tuesday, reaching $33.60. 8,243,557 shares of the company were exchanged, compared to its average volume of 9,662,503. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The firm has a market capitalization of $29.66 billion, a price-to-earnings ratio of -31.69, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The business has a 50-day moving average price of $36.07 and a two-hundred day moving average price of $39.36. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

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

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jason Robins sold 666,651 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,681,079 shares of company stock worth $112,941,617. Corporate insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

DKNG has been the subject of a number of analyst reports. Jefferies Financial Group set a $60.00 price target on DraftKings and gave the stock a "buy" rating in a research report on Sunday, April 13th. Stifel Nicolaus reduced their target price on DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a research note on Monday, April 7th. Cfra Research raised shares of DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Finally, Barclays decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.48.

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.