DraftKings Inc. (NASDAQ:DKNG) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 15.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,317,235 shares of the company’s stock after selling 2,310,617 shares during the period. DraftKings comprises 2.6% of ARK Investment Management LLC’s investment portfolio, making the stock its 15th biggest position. ARK Investment Management LLC owned approximately 1.43% of DraftKings worth $434,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Marshall Wace LLP raised its position in DraftKings by 298.2% in the 2nd quarter. Marshall Wace LLP now owns 1,114,676 shares of the company’s stock valued at $29,617,000 after purchasing an additional 834,719 shares in the last quarter. Deutsche Bank AG raised its position in DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after purchasing an additional 840,755 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in DraftKings in the 3rd quarter valued at about $209,000. Schonfeld Strategic Advisors LLC raised its position in DraftKings by 27.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after purchasing an additional 64,186 shares in the last quarter. Finally, Asset Management One Co. Ltd. acquired a new stake in shares of DraftKings during the 3rd quarter worth about $4,502,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $45.35 on Thursday. The stock has a fifty day moving average price of $42.27 and a 200 day moving average price of $36.21. The stock has a market cap of $39.30 billion, a PE ratio of -25.91 and a beta of 1.87. DraftKings Inc. has a 1 year low of $17.42 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.53) earnings per share. Sell-side analysts forecast that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DKNG shares. Susquehanna raised their target price on DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research report on Monday. JMP Securities reissued a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a research report on Monday. Stifel Nicolaus raised DraftKings from a “hold” rating to a “buy” rating and raised their target price for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Wells Fargo & Company raised their target price on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Finally, Barclays raised DraftKings from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $41.00 to $50.00 in a research report on Friday, February 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.14.

Insider Buying and Selling

In other news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the transaction, the insider now directly owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares in the company, valued at $91,656,240. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the sale, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,596,101 shares of company stock valued at $65,685,509. 55.92% of the stock is owned by 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.