Neo Ivy Capital Management cut its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 96.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,036 shares of the company's stock after selling 50,284 shares during the period. Neo Ivy Capital Management's holdings in DraftKings were worth $80,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Alta Advisers Ltd purchased a new stake in shares of DraftKings in the 2nd quarter valued at approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the second quarter worth approximately $39,000. Delos Wealth Advisors LLC purchased a new position in DraftKings in the third quarter worth approximately $43,000. St. Johns Investment Management Company LLC acquired a new stake in DraftKings during the second quarter worth $46,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 37.70% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the company. Barclays raised 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. Mizuho lifted their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. BMO Capital Markets restated an "outperform" rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. JMP Securities lifted their target price on shares of DraftKings from $51.00 to $52.00 and gave the company a "market outperform" rating in a report on Monday, November 11th. Finally, Wells Fargo & Company boosted their target price on DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.
Get Our Latest Report on DKNG
DraftKings Stock Down 3.8 %
Shares of NASDAQ:DKNG traded down $1.59 on Friday, hitting $39.88. 10,972,171 shares of the company's stock were exchanged, compared to its average volume of 10,147,942. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The company has a market capitalization of $35.12 billion, a PE ratio of -45.30 and a beta of 1.87. 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 $40.06 and its 200 day moving average is $37.95.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Sell-side analysts predict that DraftKings Inc. will post -0.79 EPS for the current year.
Insider Buying and Selling
In related news, insider Jason Robins sold 3,151 shares of the company's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock worth $39,668,077 in the last ninety days. 51.19% of the stock is owned by corporate insiders.
DraftKings Profile
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Free Report)
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.
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