DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Rise Advisors LLC

Rise Advisors LLC lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 42.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,498 shares of the company’s stock after selling 1,086 shares during the quarter. Rise Advisors LLC’s holdings in DraftKings were worth $56,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Marshall Wace LLP lifted its holdings in shares of DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares during the last quarter. Geode Capital Management LLC lifted its stake in DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. FMR LLC boosted its position in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after buying an additional 441,975 shares in the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Susquehanna lifted their target price on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Morgan Stanley lifted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. JMP Securities dropped their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday. Finally, BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research note on Tuesday, September 10th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.92.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded up $0.68 during trading hours on Tuesday, reaching $37.93. The stock had a trading volume of 5,107,922 shares, compared to its average volume of 6,942,158. The firm has a 50-day moving average of $40.31 and a 200-day moving average of $37.93. The firm has a market cap of $33.40 billion, a price-to-earnings ratio of -43.10 and a beta of 1.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Equities research analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 852,183 shares of company stock worth $33,503,025. 51.19% of the stock is 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.