Coastal Bridge Advisors LLC Cuts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Coastal Bridge Advisors LLC lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 57.8% during the second quarter, HoldingsChannel.com reports. The fund owned 1,000,135 shares of the company’s stock after selling 1,369,013 shares during the period. DraftKings accounts for about 10.7% of Coastal Bridge Advisors LLC’s portfolio, making the stock its 3rd biggest position. Coastal Bridge Advisors LLC’s holdings in DraftKings were worth $52,177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. ARK Investment Management LLC increased its stake in shares of DraftKings by 211.5% in the second quarter. ARK Investment Management LLC now owns 13,628,251 shares of the company’s stock valued at $710,986,000 after purchasing an additional 9,252,827 shares during the period. Achmea Investment Management B.V. increased its stake in shares of DraftKings by 88,968.0% in the second quarter. Achmea Investment Management B.V. now owns 10,011,240 shares of the company’s stock valued at $12,450,000 after purchasing an additional 10,000,000 shares during the period. BlackRock Inc. increased its stake in shares of DraftKings by 15.8% in the first quarter. BlackRock Inc. now owns 8,367,025 shares of the company’s stock valued at $513,147,000 after purchasing an additional 1,142,768 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of DraftKings by 94.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 7,580,430 shares of the company’s stock valued at $395,471,000 after purchasing an additional 3,675,608 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its stake in shares of DraftKings by 108.6% in the second quarter. Nikko Asset Management Americas Inc. now owns 7,100,563 shares of the company’s stock valued at $371,146,000 after purchasing an additional 3,696,004 shares during the period. 61.91% of the stock is currently owned by hedge funds and other institutional investors.

Shares of DKNG traded up $0.50 during trading hours on Wednesday, hitting $59.55. The company had a trading volume of 244,571 shares, compared to its average volume of 15,103,349. The firm has a market cap of $24.02 billion, a price-to-earnings ratio of -18.10 and a beta of 1.94. The business has a fifty day moving average of $53.16 and a 200-day moving average of $55.17. DraftKings Inc. has a 12 month low of $34.90 and a 12 month high of $74.38. The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, August 6th. The company reported ($0.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.61) by ($0.15). The company had revenue of $297.61 million during the quarter, compared to the consensus estimate of $240.84 million. DraftKings had a negative net margin of 118.88% and a negative return on equity of 55.33%. On average, equities analysts expect that DraftKings Inc. will post -3.2 EPS for the current fiscal year.

In related news, CFO Jason Park sold 53,350 shares of the firm’s stock in a transaction dated Friday, June 25th. The shares were sold at an average price of $51.78, for a total transaction of $2,762,463.00. Following the transaction, the chief financial officer now directly owns 248,712 shares of the company’s stock, valued at $12,878,307.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Shalom Meckenzie sold 21,675 shares of the stock in a transaction dated Friday, July 23rd. The stock was sold at an average price of $50.00, for a total transaction of $1,083,750.00. The disclosure for this sale can be found here. Insiders sold 4,186,031 shares of company stock worth $224,190,855 over the last three months. Insiders own 62.00% of the company’s stock.

Several brokerages have commented on DKNG. Oppenheimer started coverage on shares of DraftKings in a research note on Wednesday, July 7th. They issued a “buy” rating and a $80.00 price target on the stock. Argus decreased their price target on shares of DraftKings from $78.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, May 24th. The Goldman Sachs Group decreased their price objective on shares of DraftKings from $77.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 28th. Morgan Stanley raised their price objective on shares of DraftKings from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, July 29th. Finally, Credit Suisse Group reissued a “buy” rating and set a $85.00 target price on shares of DraftKings in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $69.71.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG).

Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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