DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Zevenbergen Capital Investments LLC

Zevenbergen Capital Investments LLC lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 191,090 shares of the company's stock after selling 8,225 shares during the quarter. Zevenbergen Capital Investments LLC's holdings in DraftKings were worth $7,109,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Pine Valley Investments Ltd Liability Co grew its position in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company's stock valued at $271,000 after buying an additional 249 shares during the last quarter. Claro Advisors LLC boosted its holdings in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP increased its stake in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after acquiring an additional 271 shares during the period. Westside Investment Management Inc. raised its holdings in DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock worth $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Nvwm LLC lifted its position in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after purchasing an additional 312 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.

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DraftKings Trading Down 4.7 %

NASDAQ DKNG traded down $1.75 during mid-day trading on Friday, hitting $35.29. The company's stock had a trading volume of 10,963,475 shares, compared to its average volume of 9,592,788. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock's fifty day simple moving average is $42.01 and its two-hundred day simple moving average is $40.32. The firm has a market capitalization of $17.29 billion, a P/E ratio of -33.29, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07.

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 net margin of 10.64% and a negative return on equity of 48.13%. Research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DKNG. TD Cowen cut their target price on DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research note on Tuesday, February 4th. Benchmark increased their price objective on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. JMP Securities reiterated a "market outperform" rating and issued a $50.00 price target on shares of DraftKings in a report on Friday, February 14th. Finally, Barclays raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.44.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company's stock, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by company insiders.

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.