Ardmore Road Asset Management LP Cuts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Ardmore Road Asset Management LP lowered its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 87.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 50,000 shares of the company's stock after selling 350,000 shares during the period. Ardmore Road Asset Management LP's holdings in DraftKings were worth $1,860,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. Geode Capital Management LLC raised its position in shares of DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after buying an additional 89,988 shares during the last quarter. Norges Bank purchased a new position in shares of DraftKings in the fourth quarter worth $276,328,000. Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company's stock worth $252,867,000 after acquiring an additional 1,036,763 shares during the last quarter. Finally, Baillie Gifford & Co. purchased a new position in DraftKings during the fourth quarter valued at $246,765,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Activity

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares of the company's stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by company insiders.

Remove Ads

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Piper Sandler restated an "overweight" rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Barclays raised their price target on DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. raised their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Finally, BTIG Research set a $59.00 price target on shares of DraftKings in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.69.

DraftKings Stock Up 2.3 %

Shares of DKNG traded up $0.73 during midday trading on Monday, reaching $32.40. 11,408,184 shares of the stock were exchanged, compared to its average volume of 9,659,677. 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 company's 50 day moving average is $41.21 and its two-hundred day moving average is $40.17. The company has a market capitalization of $16.20 billion, a P/E ratio of -30.87, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly 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, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.