Polar Asset Management Partners Inc. Cuts Position in DraftKings Inc. (NASDAQ:DKNG)

Polar Asset Management Partners Inc. cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 39.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,800 shares of the company's stock after selling 64,700 shares during the period. Polar Asset Management Partners Inc.'s holdings in DraftKings were worth $3,713,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after buying an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after purchasing an additional 707,504 shares during the period. FMR LLC increased its stake in shares of DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC grew its holdings in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC raised its stake in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after acquiring an additional 89,988 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Trading Up 0.8%

NASDAQ DKNG traded up $0.28 during trading on Friday, hitting $35.88. 10,043,626 shares of the company's stock traded hands, compared to its average volume of 9,713,732. The stock has a fifty day moving average of $34.73 and a two-hundred day moving average of $39.15. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market cap of $31.91 billion, a P/E ratio of -33.85, a PEG ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DKNG. Bank of America dropped their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, May 9th. BMO Capital Markets restated an "outperform" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. Guggenheim decreased their target price on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Benchmark raised their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $54.96.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares of the company's stock, valued at approximately $26,593,657.80. This represents a 48.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer now owns 171,268 shares of the company's stock, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,285,011 shares of company stock valued at $49,481,410. Insiders own 51.19% 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.