Caxton Associates LLP Sells 43,426 Shares of DraftKings Inc. $DKNG

Key Points

• Caxton Associates LLP cut its DraftKings stake by 80.1% in the first quarter, selling 43,426 shares and retaining 10,821 shares valued at approximately $234,000.
• DraftKings insiders sold 97,596 shares worth about $2.76 million over the past three months, while institutional investors and hedge funds collectively own 37.7% of the company.
• DraftKings’ latest revenue of $1.65 billion rose 16.8% year over year but its $0.20 EPS missed estimates. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $34.37, versus a share price of $24.55.

Caxton Associates LLP lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 80.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,821 shares of the company's stock after selling 43,426 shares during the quarter. Caxton Associates LLP's holdings in DraftKings were worth $234,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of DKNG. Ascentis Independent Advisors purchased a new position in DraftKings in the first quarter worth $27,000. Montag A & Associates Inc. increased its position in shares of DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company's stock worth $38,000 after purchasing an additional 500 shares in the last quarter. SHP Wealth Management purchased a new stake in shares of DraftKings during the 4th quarter valued at $42,000. Root Financial Partners LLC boosted its position in shares of DraftKings by 208.0% in the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company's stock worth $60,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of DraftKings in the 3rd quarter worth $62,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the sale, the insider owned 556,258 shares of the company's stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director directly owned 29,820 shares of the company's stock, valued at $766,672.20. This trade represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 97,596 shares of company stock worth $2,756,991 over the last three months. Corporate insiders own 47.18% of the company's stock.

DraftKings Price Performance

Shares of DKNG opened at $24.55 on Thursday. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The company's fifty day moving average price is $25.60 and its 200-day moving average price is $25.45. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The firm has a market capitalization of $12.18 billion, a PE ratio of 409.17 and a beta of 1.65.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter last year, the business earned ($0.07) EPS. The business's revenue was up 16.8% on a year-over-year basis. On average, equities research analysts predict that DraftKings Inc. will post 0.54 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on DKNG. Northland Securities set a $27.00 target price on DraftKings in a research note on Monday, May 11th. Raymond James Financial raised DraftKings from a "market perform" rating to an "outperform" rating in a report on Friday, April 24th. Truist Financial dropped their price target on DraftKings from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Susquehanna dropped their price target on DraftKings from $32.00 to $31.00 and set a "positive" rating on the stock in a research note on Wednesday, July 1st. Finally, Scotiabank upgraded shares of DraftKings to an "outperform" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $34.37.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.