Evolutionary Tree Capital Management LLC Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Evolutionary Tree Capital Management LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG) by 18.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,323 shares of the company’s stock after selling 14,188 shares during the quarter. DraftKings makes up about 2.4% of Evolutionary Tree Capital Management LLC’s holdings, making the stock its 17th largest position. Evolutionary Tree Capital Management LLC’s holdings in DraftKings were worth $2,341,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Transcendent Capital Group LLC purchased a new position in shares of DraftKings in the 4th quarter valued at about $26,000. LRI Investments LLC acquired a new position in DraftKings in the first quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new position in DraftKings in the first quarter valued at approximately $33,000. Concord Wealth Partners raised its stake in DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd acquired a new stake in DraftKings during the 2nd quarter worth $38,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $39.28 on Friday. The company’s fifty day moving average is $35.42 and its two-hundred day moving average is $39.44. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.80. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. Analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock valued at $44,784,070 in the last ninety days. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DKNG. Berenberg Bank raised DraftKings to a “hold” rating in a report on Friday, May 31st. The Goldman Sachs Group decreased their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Truist Financial reiterated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Stifel Nicolaus restated a “buy” rating and set a $48.00 target price (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Finally, Susquehanna upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.78.

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.