Simplicity Solutions LLC Cuts Stake in DraftKings Inc. (NASDAQ:DKNG)

Simplicity Solutions LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,765 shares of the company’s stock after selling 1,488 shares during the quarter. Simplicity Solutions LLC’s holdings in DraftKings were worth $908,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Highlander Capital Management LLC grew its stake in shares of DraftKings by 180.0% during the 4th 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 period. Parkside Financial Bank & Trust grew its stake in shares of DraftKings by 233.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock worth $27,000 after purchasing an additional 710 shares during the period. FSC Wealth Advisors LLC acquired a new position in shares of DraftKings during the 4th quarter worth $37,000. Householder Group Estate & Retirement Specialist LLC grew its stake in shares of DraftKings by 154.2% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after purchasing an additional 737 shares during the period. Finally, Acadian Asset Management LLC acquired a new position in shares of DraftKings during the 3rd quarter worth $45,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 2.8 %

NASDAQ DKNG opened at $44.94 on Wednesday. DraftKings Inc. has a one year low of $19.10 and a one year high of $49.57. The company’s 50 day moving average price is $43.87 and its 200 day moving average price is $37.78. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $38.95 billion, a price-to-earnings ratio of -25.68 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the business posted ($0.53) EPS. The company’s quarterly revenue was up 43.9% on a year-over-year basis. On average, sell-side analysts predict that DraftKings Inc. will post -0.25 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total value of $8,178,000.00. Following the transaction, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other DraftKings news, insider Paul Liberman sold 510,000 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,596,101 shares of company stock worth $65,685,509. Company insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DKNG shares. Moffett Nathanson upped their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research note on Friday, January 19th. Morgan Stanley upped their price target on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Piper Sandler increased their price objective on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Finally, UBS Group increased their price objective on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.93.

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.