Holocene Advisors LP Has $79.54 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Holocene Advisors LP reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,029,072 shares of the company's stock after selling 86,814 shares during the quarter. Holocene Advisors LP owned about 0.23% of DraftKings worth $79,540,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of DKNG. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the second quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new position in shares of DraftKings during the 2nd quarter valued at about $39,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $46,000. Creative Financial Designs Inc. ADV raised its holdings in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Finally, St. Johns Investment Management Company LLC acquired a new stake in DraftKings during the second quarter valued at approximately $46,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Activity

In other news, insider Jason Robins sold 3,151 shares of the firm's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 735,246 shares of company stock valued at $29,902,158. 48.94% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $0.09 on Tuesday, reaching $44.02. The company had a trading volume of 3,051,461 shares, compared to its average volume of 10,216,250. The stock has a 50-day moving average price of $39.36 and a 200 day moving average price of $37.86. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities research analysts predict that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Oppenheimer decreased their price target on shares of DraftKings from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Monday, August 5th. Benchmark reissued a "buy" rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. Mizuho upped their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Morgan Stanley lifted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Finally, UBS Group upped their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $51.04.

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.