Crestline Management LP Reduces Position in DraftKings Inc. (NASDAQ:DKNG)

Crestline Management LP reduced its position in DraftKings Inc. (NASDAQ:DKNG) by 69.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,676 shares of the company’s stock after selling 26,172 shares during the quarter. Crestline Management LP’s holdings in DraftKings were worth $434,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DKNG. Principal Financial Group Inc. lifted its stake 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 acquiring an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. lifted its position in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after purchasing an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $874,000. Highland Capital Management LLC bought a new position in shares of DraftKings in the fourth quarter worth about $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after buying an additional 6,059 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of research analyst reports. Northland Securities set a $50.00 target price on shares of DraftKings in a research note on Friday, April 25th. Cfra Research raised DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Wells Fargo & Company increased their price target on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Guggenheim cut their price target on DraftKings from $62.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $55.18.

DraftKings Trading Up 2.6 %

Shares of NASDAQ:DKNG opened at $36.26 on Friday. The business has a 50-day moving average price of $35.48 and a 200-day moving average price of $39.28. The stock has a market cap of $32.02 billion, a price-to-earnings ratio of -34.21, a PEG ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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%. Equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares of the company’s stock, valued at $26,583,044.40. The trade was a 6.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the sale, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,681,079 shares of company stock valued at $112,941,617. 51.19% of the stock is owned by insiders.

About DraftKings

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.