Qsemble Capital Management LP Reduces Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Qsemble Capital Management LP lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 41.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,551 shares of the company's stock after selling 23,283 shares during the quarter. Qsemble Capital Management LP's holdings in DraftKings were worth $1,315,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its position in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company's stock valued at $1,845,000 after buying an additional 273 shares in the last quarter. Hexagon Capital Partners LLC grew its position in shares of DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company's stock valued at $63,000 after purchasing an additional 286 shares during the period. Creative Financial Designs Inc. ADV increased its stake in shares of DraftKings by 36.8% during the third 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. Brown Lisle Cummings Inc. raised its position in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company's stock worth $51,000 after purchasing an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC lifted its stake in DraftKings by 18.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company's stock valued at $81,000 after buying an additional 329 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Trading Up 0.1 %

NASDAQ:DKNG traded up $0.06 during trading hours on Tuesday, reaching $43.06. 5,567,180 shares of the stock were exchanged, compared to its average volume of 10,310,489. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The business has a 50-day moving average of $39.10 and a two-hundred day moving average of $37.89. The company has a market capitalization of $37.92 billion, a price-to-earnings ratio of -48.93 and a beta of 1.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted 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). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities analysts predict that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Activity

In related news, 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 completion of the transaction, the insider now directly owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were 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 in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 735,246 shares of company stock valued at $29,902,158. 48.94% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DKNG shares. Needham & Company LLC restated a "buy" rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. JMP Securities upped their target price on shares of DraftKings from $51.00 to $52.00 and gave the stock a "market outperform" rating in a report on Monday, November 11th. 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 note on Monday, August 5th. BNP Paribas raised shares of DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Finally, Truist Financial reissued a "buy" rating and issued a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.85.

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.