Josh Arnold Investment Consultant LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 70.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 15,050 shares of the company's stock after selling 36,365 shares during the period. DraftKings accounts for approximately 0.5% of Josh Arnold Investment Consultant LLC's portfolio, making the stock its 7th largest position. Josh Arnold Investment Consultant LLC's holdings in DraftKings were worth $560,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in DKNG. Vestmark Advisory Solutions Inc. boosted its position in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock worth $4,766,000 after purchasing an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC purchased a new position in DraftKings in the fourth quarter valued at about $874,000. Highland Capital Management LLC acquired a new stake in shares of DraftKings during the 4th quarter valued at approximately $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after acquiring an additional 6,059 shares during the period. Finally, Foundations Investment Advisors LLC increased its stake in DraftKings by 30.4% in the 4th quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company's stock valued at $1,925,000 after purchasing an additional 12,074 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the company. TD Securities lowered their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. BTIG Research lowered their price target on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Bank of America reduced their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Truist Financial reduced their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and an average price target of $55.04.
Read Our Latest Stock Report on DKNG
DraftKings Price Performance
Shares of DraftKings stock traded down $0.34 during trading on Wednesday, hitting $35.21. The stock had a trading volume of 1,889,772 shares, compared to its average volume of 9,838,075. The business has a fifty day moving average of $34.91 and a two-hundred day moving average of $39.23. The firm has a market cap of $31.31 billion, a P/E ratio of -33.26, a PEG ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.
Insider Buying and Selling
In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the sale, the insider now directly owns 4,140,509 shares of the company's stock, valued at approximately $168,146,070.49. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the 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 completion of the sale, the insider now owns 706,620 shares of the company's stock, valued at $26,583,044.40. The trade was a 6.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,285,011 shares of company stock worth $49,481,410. Corporate insiders own 51.19% of the company's stock.
About DraftKings
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Free Report)
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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