Ieq Capital LLC Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Ieq Capital LLC lowered its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 179,667 shares of the company's stock after selling 9,641 shares during the period. Ieq Capital LLC's holdings in DraftKings were worth $6,684,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in DKNG. Geode Capital Management LLC lifted its holdings in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. acquired a new position in DraftKings during the fourth quarter worth $246,765,000. FMR LLC lifted its stake in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after buying an additional 826,626 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of DraftKings by 46.6% during 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 last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company's stock worth $144,963,000 after acquiring an additional 236,427 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Performance

DKNG traded down $3.87 during trading hours on Friday, hitting $45.57. The stock had a trading volume of 16,259,512 shares, compared to its average volume of 10,188,783. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company's fifty day simple moving average is $41.30 and its 200 day simple moving average is $39.18. The stock has a market cap of $22.33 billion, a PE ratio of -42.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.93. 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 - Get Free Report) last posted its earnings results 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 return on equity of 48.13% and a negative net margin of 10.64%. Equities analysts anticipate that DraftKings Inc. will post 0.49 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on DKNG shares. Benchmark raised their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Barclays raised their target price on DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday. Piper Sandler reiterated an "overweight" rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday. TD Cowen lowered their price target on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Finally, Stifel Nicolaus lifted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $53.69.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the business's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,160,591 shares of company stock worth $46,945,158. Corporate insiders own 51.19% of the company's stock.

DraftKings 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.