Hexagon Capital Partners LLC Sells 361 Shares of DraftKings Inc. (NASDAQ:DKNG)

Hexagon Capital Partners LLC cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 20.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,365 shares of the company’s stock after selling 361 shares during the period. Hexagon Capital Partners LLC’s holdings in DraftKings were worth $62,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Highlander Capital Management LLC grew its stake in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares during the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $26,000. Montag A & Associates Inc. acquired a new stake in shares of DraftKings in the fourth quarter valued at about $29,000. FSC Wealth Advisors LLC acquired a new position in shares of DraftKings in the fourth quarter worth approximately $37,000. Finally, Householder Group Estate & Retirement Specialist LLC lifted its stake in shares of DraftKings by 154.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after acquiring an additional 737 shares during the period. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the transaction, the insider now owns 2,668,954 shares in the company, valued at $116,339,704.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,520,340 shares of company stock worth $60,996,583. 48.94% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on DKNG. Deutsche Bank Aktiengesellschaft raised their price target on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, May 6th. Morgan Stanley upped their price target on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Barclays lifted their price objective on DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Mizuho assumed coverage on DraftKings in a research note on Tuesday, March 26th. They set a “buy” rating and a $58.00 target price for the company. Finally, Susquehanna dropped their price target on DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research note on Wednesday, June 5th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $49.17.

DraftKings Stock Performance

Shares of DKNG stock opened at $37.30 on Tuesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a 50-day moving average of $40.60 and a 200-day moving average of $40.61. DraftKings Inc. has a one year low of $24.97 and a one year high of $49.57. The company has a market cap of $32.42 billion, a P/E ratio of -31.61 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate 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. DraftKings’s quarterly revenue was up 52.7% compared to the same quarter last year. Equities research analysts forecast that DraftKings Inc. will post -0.24 EPS for the current fiscal 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.