Penn Capital Management Company LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 58.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,122 shares of the company's stock after selling 29,535 shares during the period. Penn Capital Management Company LLC's holdings in DraftKings were worth $786,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of DraftKings during the fourth quarter worth $276,328,000. FMR LLC grew its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the 4th quarter valued at about $246,765,000. Contrarius Group Holdings Ltd purchased a new position in DraftKings during the fourth quarter worth approximately $58,397,000. Finally, Anomaly Capital Management LP acquired a new position in DraftKings in the fourth quarter valued at $47,725,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now owns 601,520 shares in the company, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,302 shares of company stock valued at $111,145,088 in the last three months. Insiders own 51.19% of the company's stock.
DraftKings Trading Down 0.9 %
DraftKings stock traded down $0.29 during midday trading on Wednesday, reaching $32.93. The stock had a trading volume of 2,702,445 shares, compared to its average volume of 9,772,297. The firm has a market cap of $29.08 billion, a price-to-earnings ratio of -31.07, a PEG ratio of 1.43 and a beta of 2.16. The firm's fifty day simple moving average is $36.89 and its two-hundred day simple moving average is $39.46. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts have weighed in on DKNG shares. Stifel Nicolaus reduced their price target on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. BTIG Research decreased their price target on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a research note on Wednesday, January 8th. Benchmark increased their price target on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Finally, Wells Fargo & Company lifted their price objective on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $54.48.
Check Out Our Latest Research Report on DraftKings
DraftKings Company Profile
(
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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