Zevenbergen Capital Investments LLC Decreases Position in DraftKings Inc. (NASDAQ:DKNG)

Zevenbergen Capital Investments LLC reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 191,090 shares of the company’s stock after selling 8,225 shares during the period. Zevenbergen Capital Investments LLC’s holdings in DraftKings were worth $7,109,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Atria Investments Inc purchased a new position in shares of DraftKings during the 3rd quarter worth approximately $215,000. Empowered Funds LLC increased its stake in DraftKings by 12.3% in the third quarter. Empowered Funds LLC now owns 6,839 shares of the company’s stock valued at $268,000 after purchasing an additional 750 shares during the last quarter. Natixis Advisors LLC boosted its holdings in shares of DraftKings by 293.8% in the 3rd quarter. Natixis Advisors LLC now owns 49,426 shares of the company’s stock valued at $1,937,000 after buying an additional 36,874 shares in the last quarter. Prospera Financial Services Inc boosted its position in shares of DraftKings by 5.3% in the 3rd quarter. Prospera Financial Services Inc now owns 10,181 shares of the company’s stock valued at $399,000 after purchasing an additional 509 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of DraftKings in the 3rd quarter valued at $349,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Up 2.7 %

Shares of DKNG opened at $39.49 on Monday. The stock’s fifty day simple moving average is $42.17 and its 200 day simple moving average is $40.31. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $19.35 billion, a P/E ratio of -37.25, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of recent research reports. Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Wells Fargo & Company lifted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Finally, Canaccord Genuity Group boosted their target price on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.44.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,663,966 shares of company stock valued at $112,550,362 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

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.