Sequoia Financial Advisors LLC Has $537,000 Stake in DraftKings Inc. $DKNG

Sequoia Financial Advisors LLC trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 95.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,574 shares of the company’s stock after selling 366,897 shares during the period. Sequoia Financial Advisors LLC’s holdings in DraftKings were worth $537,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of DKNG. Viking Global Investors LP acquired a new stake in DraftKings in the 3rd quarter worth $561,125,000. AQR Capital Management LLC grew its position in DraftKings by 63.5% in the 3rd quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock worth $437,044,000 after purchasing an additional 4,538,007 shares during the last quarter. Eminence Capital LP grew its position in DraftKings by 31.9% in the 3rd quarter. Eminence Capital LP now owns 6,274,863 shares of the company’s stock worth $234,680,000 after purchasing an additional 1,517,413 shares during the last quarter. Vanguard Group Inc. grew its position in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in DraftKings by 208.8% in the 4th quarter. Nordea Investment Management AB now owns 1,300,308 shares of the company’s stock worth $45,329,000 after purchasing an additional 879,181 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares of the company’s stock, valued at $5,374,100.52. This trade represents a 69.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Erik Bradbury sold 7,268 shares of DraftKings stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $22.50, for a total transaction of $163,530.00. Following the transaction, the chief accounting officer directly owned 36,736 shares of the company’s stock, valued at $826,560. This represents a 16.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 496,718 shares of company stock valued at $12,477,308. Company insiders own 47.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on DKNG. Roth Mkm upgraded shares of DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. The Goldman Sachs Group decreased their target price on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a research report on Tuesday, February 17th. Citigroup lifted their target price on shares of DraftKings from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday. Scotiabank upgraded shares of DraftKings to an “outperform” rating in a research report on Friday, April 24th. Finally, Weiss Ratings lowered shares of DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Twenty-seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.32.

Trending Headlines about DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Morgan Stanley said DraftKings could see an upside catalyst from the FIFA World Cup, which may drive incremental wagering activity over the next few months. DraftKings Faces Upside From FIFA World Cup Driving Incremental Wagers Over Next Few Months, Morgan Stanley Says
• Positive Sentiment: Oppenheimer reaffirmed its Buy rating on DraftKings, and another article argued that the company’s earnings quality looks stronger than the headline statutory profit suggests, supporting the view that fundamentals may be better than the stock’s reaction implies. Oppenheimer Reaffirms Their Buy Rating on DraftKings (DKNG) Statutory Profit Doesn’t Reflect How Good DraftKings’ (NASDAQ:DKNG) Earnings Are
• Positive Sentiment: DraftKings presented at MoffettNathanson’s Media, Internet & Communications Conference, which keeps management visible to investors and may help reinforce the company’s growth story. DraftKings Inc. (DKNG) Presents at MoffettNathanson’s Media, Internet & Communications Conference Transcript
• Neutral Sentiment: Several articles focused on whether DraftKings is a “buy” based on Wall Street recommendations, but these pieces were largely commentary on analyst ratings rather than new company-specific developments. Is DraftKings (DKNG) a Buy as Wall Street Analysts Look Optimistic? Is DraftKings (DKNG) a Buy as Wall Street Analysts Look Optimistic?
• Neutral Sentiment: DraftKings also announced Alan Ellingson’s participation in an upcoming event, which is mostly an informational update with limited immediate stock impact. DraftKings Announces Alan Ellingson’s Participation in Upcoming Event
• Negative Sentiment: BNP Paribas Exane downgraded DraftKings to “strong sell,” adding pressure to the stock and reinforcing concerns that some analysts see downside from current levels. DraftKings was upgraded by BNP Paribas Exane to “strong sell”
• Negative Sentiment: Commentary from Jim Cramer and related coverage highlighted DraftKings’ weak share performance over the past year, while noting Argus cut its rating to Hold, which may have added to investor caution. Jim Cramer Discusses Drafkings’ (DKNG) Performance

DraftKings Price Performance

Shares of DraftKings stock opened at $25.00 on Friday. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.03 and a current ratio of 1.02. The firm’s 50-day simple moving average is $23.68 and its 200-day simple moving average is $28.14. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The firm has a market cap of $12.40 billion, a P/E ratio of 416.67, a price-to-earnings-growth ratio of 1.17 and a beta of 1.67.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business earned ($0.07) earnings per share. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, research analysts expect that DraftKings Inc. will post 0.56 EPS for the current fiscal year.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.