Los Angeles Capital Management LLC Trims Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Los Angeles Capital Management LLC cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 97.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,086 shares of the company’s stock after selling 503,002 shares during the quarter. Los Angeles Capital Management LLC’s holdings in DraftKings were worth $503,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in DKNG. Envestnet Portfolio Solutions Inc. purchased a new position in DraftKings during the third quarter worth about $529,000. Envestnet Asset Management Inc. lifted its position in DraftKings by 350.4% during the third quarter. Envestnet Asset Management Inc. now owns 448,758 shares of the company’s stock worth $13,211,000 after buying an additional 349,112 shares during the period. Hsbc Holdings PLC lifted its position in DraftKings by 655.1% during the third quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock worth $1,913,000 after buying an additional 56,387 shares during the period. Acadian Asset Management LLC acquired a new stake in DraftKings during the third quarter worth about $45,000. Finally, LPL Financial LLC increased its stake in DraftKings by 7.0% during the third quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock worth $13,175,000 after acquiring an additional 29,264 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares in the company, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares in the company, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 851,450 shares of company stock valued at $35,023,584. Insiders own 48.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Wednesday, June 12th. Moffett Nathanson upped their price target on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Morgan Stanley upped their price target on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Wells Fargo & Company dropped their price target on DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Benchmark upped their price target on DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $49.00.

DraftKings Trading Down 5.0 %

NASDAQ:DKNG opened at $38.00 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. The business’s 50 day moving average is $40.90 and its two-hundred day moving average is $40.59. DraftKings Inc. has a 52 week low of $24.67 and a 52 week high of $49.57. The company has a market cap of $33.03 billion, a PE ratio of -32.20 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the business earned ($0.87) EPS. The company’s quarterly revenue was up 52.7% on a year-over-year basis. On average, analysts predict that DraftKings Inc. will post -0.21 EPS for the current year.

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.