DraftKings Inc. (NASDAQ:DKNG) Shares Sold by AXQ Capital LP

AXQ Capital LP reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 67.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,027 shares of the company’s stock after selling 12,303 shares during the quarter. AXQ Capital LP’s holdings in DraftKings were worth $224,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in DraftKings during the 4th quarter worth approximately $246,765,000. FMR LLC raised its position in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares in the last quarter. Fred Alger Management LLC boosted its stake in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of DraftKings by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company’s stock worth $120,576,000 after buying an additional 66,042 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on DKNG shares. Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Stifel Nicolaus boosted their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 target price on DraftKings in a report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. boosted their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Stock Up 2.6 %

DraftKings stock opened at $40.52 on Tuesday. The company’s 50-day moving average price is $42.18 and its two-hundred day moving average price is $40.34. The stock has a market cap of $19.85 billion, a price-to-earnings ratio of -38.23, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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%. On average, analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,663,966 shares of company stock valued at $112,550,362 over the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

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.