Tremblant Capital Group Sells 33,530 Shares of DraftKings Inc. (NASDAQ:DKNG)

Tremblant Capital Group cut its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 3.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 868,162 shares of the company's stock after selling 33,530 shares during the quarter. DraftKings comprises about 3.3% of Tremblant Capital Group's portfolio, making the stock its 11th biggest position. Tremblant Capital Group owned approximately 0.18% of DraftKings worth $32,296,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Raiffeisen Bank International AG purchased a new position in DraftKings during the 4th quarter worth $25,000. Stonebridge Financial Group LLC purchased a new position in DraftKings during the 4th quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the 4th quarter worth $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the 4th quarter worth $30,000. Finally, Synergy Investment Management LLC acquired a new stake in DraftKings during the 4th quarter worth about $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ DKNG traded down $0.53 during midday trading on Wednesday, hitting $35.54. The company had a trading volume of 9,290,603 shares, compared to its average volume of 9,913,100. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $31.61 billion, a price-to-earnings ratio of -33.53, a P/E/G ratio of 1.43 and a beta of 1.89. The firm has a fifty day simple moving average of $35.15 and a two-hundred day simple moving average of $39.30. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insider Activity

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares of the company's stock, valued at approximately $193,795,515.35. The trade was a 12.48% 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, Director Jocelyn Moore sold 3,420 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the sale, the director now directly owns 1,612 shares of the company's stock, valued at approximately $67,704. This trade represents a 67.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,697,908 shares of company stock worth $112,137,019. Corporate insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

DKNG has been the subject of a number of research reports. Macquarie lowered their price target on DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Cowen reaffirmed a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Jefferies Financial Group set a $60.00 price target on DraftKings and gave the stock a "buy" rating in a research report on Sunday, April 13th. Canaccord Genuity Group boosted their price objective on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.04.

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.