DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Evolutionary Tree Capital Management LLC

Key Points

• Evolutionary Tree Capital Management LLC reduced its stake in DraftKings by 29.0%, now holding 46,267 shares worth approximately $1.54 million.
• DraftKings shares experienced a 2.9% decline, opening at $43.73, with a twelve-month range between $28.69 and $53.61.
• Analysts have set a consensus price target of $54.38 for DraftKings, with a majority rating it as a "Moderate Buy."

Evolutionary Tree Capital Management LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 29.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,267 shares of the company's stock after selling 18,860 shares during the period. DraftKings makes up 1.8% of Evolutionary Tree Capital Management LLC's holdings, making the stock its 25th biggest holding. Evolutionary Tree Capital Management LLC's holdings in DraftKings were worth $1,537,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Raiffeisen Bank International AG purchased a new position in DraftKings in the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC purchased a new position in DraftKings in the first quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC purchased a new position in DraftKings in the first quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings in the fourth quarter worth approximately $28,000. Finally, GPS Wealth Strategies Group LLC lifted its stake in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after acquiring an additional 564 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Down 2.9%

DKNG stock opened at $43.73 on Monday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The company has a market capitalization of $38.89 billion, a P/E ratio of -52.69, a PEG ratio of 1.47 and a beta of 1.70. The firm has a 50 day simple moving average of $40.55 and a 200-day simple moving average of $39.25.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. TD Securities reduced their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Truist Financial upped their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Northland Securities set a $50.00 price objective on shares of DraftKings in a research report on Friday, April 25th. Mizuho cut their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Finally, Morgan Stanley restated an "overweight" rating and set a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $54.38.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director owned 5,947 shares of the company's stock, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 105,554 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $43.53, for a total value of $4,594,765.62. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at $21,765,000. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock worth $20,843,217 over the last three months. 51.19% of the stock is owned by corporate insiders.

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.

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