DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Man Group plc

Man Group plc cut its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 55.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 613,114 shares of the company's stock after selling 756,693 shares during the quarter. Man Group plc owned approximately 0.13% of DraftKings worth $22,808,000 at the end of the most recent quarter.

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

DraftKings Stock Down 4.3%

DraftKings stock opened at $36.61 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market capitalization of $32.33 billion, a price-to-earnings ratio of -34.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The stock's fifty day moving average is $35.28 and its two-hundred day moving average is $39.29. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on DKNG shares. Citigroup dropped their price target on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Susquehanna upped their price target on DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research note on Monday. JMP Securities set a $57.00 price objective on shares of DraftKings in a research report on Wednesday, April 2nd. Finally, Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $55.04.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the sale, the insider now directly owns 601,520 shares in the company, valued at $19,417,065.60. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the sale, the insider now owns 4,155,130 shares of the company's stock, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,691,079 shares of company stock worth $111,885,917. Insiders own 47.08% of the company's stock.

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.

Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.