AXQ Capital LP Cuts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

AXQ Capital LP trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 67.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,027 shares of the company's stock after selling 12,303 shares during the period. AXQ Capital LP's holdings in DraftKings were worth $224,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Geode Capital Management LLC lifted its position in DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after purchasing an additional 284,131 shares during the last quarter. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the 4th quarter valued at $246,765,000. FMR LLC raised its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company's stock worth $253,509,000 after buying an additional 826,626 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock valued at $182,039,000 after buying an additional 1,476,003 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in DraftKings by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock valued at $120,576,000 after buying an additional 66,042 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. JMP Securities restated a "market outperform" rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Argus set a $60.00 price target on DraftKings in a research report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price objective on DraftKings in a report on Tuesday, February 18th. Canaccord Genuity Group raised their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Finally, Stifel Nicolaus raised their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to data from MarketBeat, DraftKings has an average rating of "Moderate Buy" and an average price target of $54.44.

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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 transaction, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Matthew Kalish sold 587,585 shares of the firm'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 sale, the insider now directly owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Performance

Shares of DKNG stock traded down $1.10 on Friday, hitting $35.94. The company's stock had a trading volume of 1,246,144 shares, compared to its average volume of 9,451,468. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a market capitalization of $17.61 billion, a PE ratio of -33.71, a PEG ratio of 1.43 and a beta of 2.07. The stock's 50 day moving average is $42.09 and its 200-day moving average is $40.33. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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%. Equities research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.