Ardsley Advisory Partners LP Sells 20,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Ardsley Advisory Partners LP reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150,000 shares of the company’s stock after selling 20,000 shares during the quarter. Ardsley Advisory Partners LP’s holdings in DraftKings were worth $5,574,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. increased its holdings in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after acquiring an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth approximately $874,000. Highland Capital Management LLC acquired a new stake in DraftKings during the 4th quarter valued at $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after purchasing an additional 6,059 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several research analyst reports. BTIG Research dropped their price objective on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company boosted their price objective on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. BMO Capital Markets reiterated an “outperform” rating and set a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. Jefferies Financial Group set a $60.00 price target on DraftKings and gave the company a “buy” rating in a research note on Sunday, April 13th. Finally, 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. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.48.

DraftKings Stock Up 3.0 %

Shares of NASDAQ DKNG opened at $34.25 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year 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. The firm has a market cap of $30.24 billion, a PE ratio of -32.31, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a 50 day simple moving average of $36.26 and a 200 day simple moving average of $39.36.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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, research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at $120,537,585. This represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock valued at $111,145,088 in the last three months. Corporate insiders own 51.19% 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.