DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Redwood Investments LLC

Redwood Investments LLC lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,916 shares of the company’s stock after selling 349 shares during the quarter. Redwood Investments LLC’s holdings in DraftKings were worth $257,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its position in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the last quarter. Norges Bank purchased a new position in DraftKings during the 4th quarter worth $276,328,000. FMR LLC increased its stake in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the period. Baillie Gifford & Co. purchased a new stake in shares of DraftKings in the fourth quarter valued at about $246,765,000. Finally, Eminence Capital LP acquired a new stake in shares of DraftKings during the fourth quarter worth about $65,255,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Up 1.5%

Shares of NASDAQ DKNG opened at $38.25 on Thursday. The firm’s 50-day moving average is $35.30 and its two-hundred day moving average is $39.29. The company has a market capitalization of $33.77 billion, a PE ratio of -36.08, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. 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 (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on DKNG. Morgan Stanley upped their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Cfra Research raised DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Cowen reiterated a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Bank of America cut their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Finally, Canaccord Genuity Group raised their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.04.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider now owns 4,155,130 shares in the company, valued at approximately $157,188,567.90. This trade represents a 4.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were 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 of the company’s stock, valued at $7,611,632.70. The trade was a 46.93% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,691,079 shares of company stock valued at $111,885,917. Corporate insiders own 47.08% of the company’s stock.

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.