ARK Investment Management LLC Has $434.18 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

ARK Investment Management LLC decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 15.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,317,235 shares of the company’s stock after selling 2,310,617 shares during the period. DraftKings accounts for approximately 2.6% of ARK Investment Management LLC’s holdings, making the stock its 15th biggest holding. ARK Investment Management LLC’s holdings in DraftKings were worth $434,183,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. BOKF NA bought a new stake in DraftKings during the 2nd quarter worth about $27,000. Parkside Financial Bank & Trust raised its holdings in DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock worth $27,000 after purchasing an additional 710 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in DraftKings during the 4th quarter worth about $37,000. Acadian Asset Management LLC bought a new stake in DraftKings during the 3rd quarter worth about $45,000. Finally, CI Investments Inc. raised its holdings in DraftKings by 55.9% during the 3rd quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock worth $49,000 after purchasing an additional 599 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $45.35 on Thursday. The firm has a 50-day moving average of $42.27 and a 200-day moving average of $36.21. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $39.30 billion, a PE ratio of -25.91 and a beta of 1.87. DraftKings Inc. has a 52-week low of $17.42 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the business posted ($0.53) earnings per share. DraftKings’s revenue was up 43.9% compared to the same quarter last year. On average, sell-side analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares in the company, valued at $144,309,698.36. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock valued at $65,685,509 in the last ninety days. 55.92% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DKNG has been the subject of several recent research reports. BNP Paribas cut DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective for the company. in a report on Friday, January 19th. Barclays raised DraftKings from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $41.00 to $50.00 in a research note on Friday, February 23rd. Bank Of America (Bofa) upped their price target on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Mizuho began coverage on DraftKings in a research note on Tuesday. They issued a “buy” rating and a $58.00 price target for the company. Finally, UBS Group upped their price target on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.14.

DraftKings 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.