Edgestream Partners L.P. Sells 18,581 Shares of DraftKings Inc. (NASDAQ:DKNG)

Edgestream Partners L.P. lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 73.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,579 shares of the company's stock after selling 18,581 shares during the period. Edgestream Partners L.P.'s holdings in DraftKings were worth $258,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Park Avenue Securities LLC boosted its holdings in shares of DraftKings by 11.0% in the 2nd quarter. Park Avenue Securities LLC now owns 19,546 shares of the company's stock valued at $746,000 after purchasing an additional 1,943 shares in the last quarter. Simplicity Wealth LLC boosted its stake in DraftKings by 2.5% in the second quarter. Simplicity Wealth LLC now owns 26,927 shares of the company's stock valued at $1,028,000 after buying an additional 669 shares in the last quarter. QRG Capital Management Inc. grew its position in DraftKings by 78.9% in the second quarter. QRG Capital Management Inc. now owns 51,375 shares of the company's stock valued at $1,961,000 after acquiring an additional 22,653 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company's stock worth $63,000 after acquiring an additional 286 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its holdings in shares of DraftKings by 1,684.3% in the second quarter. Gateway Investment Advisers LLC now owns 89,002 shares of the company's stock worth $3,397,000 after acquiring an additional 84,014 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Activity

In other DraftKings 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 transaction, the insider now directly owns 2,631,033 shares of the company's stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares of the company's stock, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 735,246 shares of company stock worth $29,902,158 in the last three months. Company insiders own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DKNG. UBS Group upped their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. JMP Securities boosted their target price on shares of DraftKings from $51.00 to $52.00 and gave the stock a "market outperform" rating in a research note on Monday, November 11th. BMO Capital Markets reiterated an "outperform" rating and issued a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Barclays boosted their price objective on DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, November 11th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $51.04.

DraftKings Trading Down 1.3 %

Shares of DraftKings stock traded down $0.58 on Friday, reaching $44.26. 11,346,291 shares of the company's stock were exchanged, compared to its average volume of 10,040,599. The company has a market capitalization of $38.98 billion, a P/E ratio of -50.29 and a beta of 1.87. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm's 50-day moving average is $39.77 and its two-hundred day moving average is $37.94.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Sell-side analysts predict that DraftKings Inc. will post -0.79 EPS 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.