DraftKings Inc. (NASDAQ:DKNG) Stock Holdings Cut by Next Century Growth Investors LLC

Next Century Growth Investors LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,456 shares of the company’s stock after selling 1,026 shares during the period. Next Century Growth Investors LLC’s holdings in DraftKings were worth $1,328,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DKNG. Vanguard Group Inc. raised its holdings in shares of DraftKings by 2.8% during the second quarter. Vanguard Group Inc. now owns 24,780,320 shares of the company’s stock worth $1,292,790,000 after acquiring an additional 676,174 shares in the last quarter. ARK Investment Management LLC grew its position in shares of DraftKings by 211.5% in the second quarter. ARK Investment Management LLC now owns 13,628,251 shares of the company’s stock valued at $710,986,000 after purchasing an additional 9,252,827 shares during the last quarter. BlackRock Inc. grew its position in DraftKings by 62.0% during the second quarter. BlackRock Inc. now owns 13,551,080 shares of the company’s stock worth $706,960,000 after buying an additional 5,184,055 shares in the last quarter. Achmea Investment Management B.V. grew its position in DraftKings by 88,968.0% during the second quarter. Achmea Investment Management B.V. now owns 10,011,240 shares of the company’s stock worth $12,450,000 after buying an additional 10,000,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in DraftKings by 94.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 7,580,430 shares of the company’s stock worth $395,471,000 after buying an additional 3,675,608 shares in the last quarter. Institutional investors own 61.91% of the company’s stock.

In related news, insider Jason Robins sold 333,334 shares of the stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $44.08, for a total transaction of $14,693,362.72. Following the sale, the insider now owns 4,645,949 shares in the company, valued at approximately $204,793,431.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shalom Meckenzie sold 21,675 shares of the stock in a transaction that occurred on Friday, July 23rd. The shares were sold at an average price of $50.00, for a total transaction of $1,083,750.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,770,961 shares of company stock worth $262,063,658. Company insiders own 62.00% of the company’s stock.

A number of research firms recently weighed in on DKNG. Roth Capital initiated coverage on DraftKings in a research report on Tuesday. They set a “sell” rating and a $41.00 target price on the stock. The Goldman Sachs Group cut their price target on shares of DraftKings from $77.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 28th. Wells Fargo & Company assumed coverage on shares of DraftKings in a research note on Tuesday, September 14th. They issued an “overweight” rating and a $73.00 target price for the company. Northland Securities boosted their price objective on shares of DraftKings from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, August 9th. Finally, Morgan Stanley boosted their price objective on shares of DraftKings from $58.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, July 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $68.05.

Shares of DKNG stock traded up $1.32 on Thursday, reaching $51.14. The stock had a trading volume of 99,075 shares, compared to its average volume of 12,794,751. The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average is $54.68 and its two-hundred day moving average is $52.93. The firm has a market capitalization of $20.62 billion, a price-to-earnings ratio of -15.10 and a beta of 2.10. DraftKings Inc. has a 12 month low of $34.90 and a 12 month high of $74.38.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, August 6th. The company reported ($0.76) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.61) by ($0.15). DraftKings had a negative net margin of 118.88% and a negative return on equity of 55.33%. The company had revenue of $297.61 million during the quarter, compared to analyst estimates of $240.84 million. On average, sell-side analysts forecast that DraftKings Inc. will post -3.18 earnings per share for the current fiscal year.

DraftKings Profile

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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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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