Whale Rock Capital Management LLC Reduces Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Whale Rock Capital Management LLC decreased its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,555,005 shares of the company's stock after selling 627,482 shares during the period. DraftKings makes up approximately 2.5% of Whale Rock Capital Management LLC's holdings, making the stock its 17th biggest position. Whale Rock Capital Management LLC owned 0.52% of DraftKings worth $178,556,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Alta Advisers Ltd bought a new position in DraftKings in the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC bought a new position in DraftKings in the 2nd quarter worth about $39,000. St. Johns Investment Management Company LLC bought a new position in DraftKings in the 2nd quarter worth about $46,000. V Square Quantitative Management LLC bought a new position in DraftKings in the 3rd quarter worth about $46,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in DraftKings in the 2nd quarter worth about $47,000. Institutional investors own 37.70% of the company's stock.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value 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. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 735,246 shares of company stock worth $29,902,158. Corporate insiders own 51.19% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. TD Cowen upped their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. JMP Securities upped their target price on shares of DraftKings from $51.00 to $52.00 and gave the company a "market outperform" rating in a research note on Monday, November 11th. Mizuho upped their target price 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. Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. Finally, BNP Paribas upgraded shares of DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 target price on the stock in a research note on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $51.04.

DraftKings Price Performance

DKNG stock traded down $0.20 during midday trading on Friday, hitting $44.64. The company's stock had a trading volume of 9,194,738 shares, compared to its average volume of 10,204,328. The firm has a market capitalization of $39.31 billion, a price-to-earnings ratio of -50.95 and a beta of 1.87. 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 Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a 50 day moving average of $39.69 and a two-hundred day moving average of $37.95.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share 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 analysts' expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

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.