Polar Asset Management Partners Inc. Sells 64,700 Shares of DraftKings Inc. (NASDAQ:DKNG)

Polar Asset Management Partners Inc. lowered its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 39.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm 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 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Grassi Investment Management boosted its stake in shares of DraftKings by 16.4% in the fourth quarter. Grassi Investment Management now owns 29,500 shares of the company's stock valued at $1,097,000 after buying an additional 4,150 shares during the period. Oak Thistle LLC grew its position in DraftKings by 104.8% during the fourth quarter. Oak Thistle LLC now owns 28,700 shares of the company's stock worth $1,068,000 after buying an additional 14,688 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in DraftKings by 172.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company's stock worth $13,540,000 after acquiring an additional 230,252 shares during the period. Finally, Park Avenue Securities LLC raised its holdings in DraftKings by 5.7% in the 4th quarter. Park Avenue Securities LLC now owns 36,662 shares of the company's stock valued at $1,364,000 after acquiring an additional 1,966 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In related news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. This represents a 12.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares of the company's stock, valued at $7,611,632.70. The trade was a 46.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,697,908 shares of company stock valued at $112,137,019. 51.19% of the stock is currently owned by insiders.

DraftKings Trading Up 0.8%

DKNG traded up $0.30 during midday trading on Monday, hitting $37.20. 7,110,097 shares of the company were exchanged, compared to its average volume of 9,902,434. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. 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 firm has a market capitalization of $33.08 billion, a P/E ratio of -35.09, a P/E/G ratio of 1.43 and a beta of 1.89. The firm's 50 day moving average price is $35.25 and its 200-day moving average price is $39.34.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on DKNG shares. TD Cowen reduced their target price on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Wells Fargo & Company increased their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. BMO Capital Markets restated an "outperform" rating and issued a $65.00 target price on shares of DraftKings in a research report on Thursday, April 24th. Benchmark increased their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Finally, Northland Securities set a $50.00 price objective on shares of DraftKings in a research note on Friday, April 25th. 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 currently has a consensus rating of "Moderate Buy" and an average price target of $55.04.

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.