Xponance Inc. Cuts Stake in DraftKings Inc. (NASDAQ:DKNG)

Xponance Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,175 shares of the company’s stock after selling 4,228 shares during the period. Xponance Inc.’s holdings in DraftKings were worth $1,945,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in DKNG. Highlander Capital Management LLC grew its stake in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares during the last quarter. FSC Wealth Advisors LLC purchased a new position in DraftKings in the fourth quarter valued at about $37,000. Householder Group Estate & Retirement Specialist LLC grew its stake in DraftKings by 154.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after purchasing an additional 737 shares during the last quarter. Acadian Asset Management LLC purchased a new position in DraftKings in the third quarter valued at about $45,000. Finally, CI Investments Inc. grew its stake in DraftKings by 55.9% in the third quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock valued at $49,000 after purchasing an additional 599 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 1.6 %

Shares of NASDAQ:DKNG opened at $41.21 on Wednesday. DraftKings Inc. has a 12-month low of $20.26 and a 12-month high of $49.57. The company has a market capitalization of $35.71 billion, a PE ratio of -23.55 and a beta of 1.86. The business has a 50 day moving average of $43.69 and a two-hundred day moving average of $38.22. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the firm posted ($0.53) earnings per share. The company’s revenue was up 43.9% compared to the same quarter last year. As a group, analysts forecast that DraftKings Inc. will post -0.25 EPS for the current year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now directly owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The disclosure for this sale can be found here. Insiders sold a total of 1,396,101 shares of company stock valued at $58,121,509 in the last three months. 48.94% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

DKNG has been the topic of several analyst reports. UBS Group lifted their target price on DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Mizuho started coverage on DraftKings in a research note on Tuesday, March 26th. They set a “buy” rating and a $58.00 price target on the stock. Morgan Stanley boosted their price target on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Bank Of America (Bofa) boosted their price target on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Finally, BMO Capital Markets boosted their price target on DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

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.