Picton Mahoney Asset Management trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 33.6% in the second quarter, HoldingsChannel.com reports. The fund owned 107,110 shares of the company’s stock after selling 54,168 shares during the quarter. Picton Mahoney Asset Management’s holdings in DraftKings were worth $5,588,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. purchased a new stake in shares of DraftKings in the second quarter valued at $26,000. Montag A & Associates Inc. grew its position in shares of DraftKings by 77.0% in the second quarter. Montag A & Associates Inc. now owns 531 shares of the company’s stock valued at $28,000 after purchasing an additional 231 shares during the period. Evoke Wealth LLC purchased a new stake in shares of DraftKings in the first quarter valued at $29,000. Pinz Capital Management LP purchased a new stake in shares of DraftKings in the first quarter valued at $43,000. Finally, Credit Agricole S A purchased a new stake in shares of DraftKings in the second quarter valued at $43,000. 61.91% of the stock is owned by institutional investors.
Shares of NASDAQ DKNG opened at $57.00 on Tuesday. The stock’s 50 day moving average price is $53.96 and its two-hundred day moving average price is $54.97. DraftKings Inc. has a 52-week low of $34.90 and a 52-week high of $74.38. The stock has a market capitalization of $22.99 billion, a P/E ratio of -17.27 and a beta of 1.94. The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.57.
A number of equities research analysts have issued reports on the company. Morgan Stanley boosted their price target on DraftKings from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, July 29th. Needham & Company LLC assumed coverage on DraftKings in a research report on Monday, August 9th. They set a “buy” rating and a $73.00 price target for the company. The Goldman Sachs Group lowered their price target on DraftKings from $77.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 28th. Wells Fargo & Company assumed coverage on DraftKings in a research report on Tuesday, September 14th. They set an “overweight” rating and a $73.00 price target for the company. Finally, Argus lowered their price target on DraftKings from $78.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, May 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $69.71.
In related news, CFO Jason Park sold 53,350 shares of the stock in a transaction that occurred on Friday, June 25th. The stock was sold at an average price of $51.78, for a total value of $2,762,463.00. Following the completion of the transaction, the chief financial officer now directly owns 248,712 shares of the company’s stock, valued at approximately $12,878,307.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 85,000 shares of the stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $61.01, for a total value of $5,185,850.00. The disclosure for this sale can be found here. Insiders have sold 4,998,367 shares of company stock valued at $273,249,830 over the last ninety days. Corporate insiders own 62.00% of the company’s stock.
DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.
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