Townsquare Capital LLC Cuts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Townsquare Capital LLC cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,676 shares of the company’s stock after selling 450 shares during the period. Townsquare Capital LLC’s holdings in DraftKings were worth $434,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DKNG. Sterling Capital Management LLC grew its position in shares of DraftKings by 4.8% in the fourth quarter. Sterling Capital Management LLC now owns 167,596 shares of the company’s stock valued at $6,235,000 after purchasing an additional 7,610 shares during the period. Whetstone Capital Advisors LLC purchased a new stake in DraftKings during the 4th quarter worth approximately $4,690,000. Harbert Fund Advisors Inc. purchased a new position in shares of DraftKings in the fourth quarter valued at approximately $1,116,000. Treasurer of the State of North Carolina increased its position in shares of DraftKings by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 199,102 shares of the company’s stock worth $7,407,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its stake in DraftKings by 2.3% in the 4th quarter. Neuberger Berman Group LLC now owns 2,617,674 shares of the company’s stock valued at $97,377,000 after purchasing an additional 59,966 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on DKNG shares. Guggenheim reduced their target price on shares of DraftKings from $62.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. JPMorgan Chase & Co. increased their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Barclays upped their target price on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Jefferies Financial Group set a $60.00 price target on shares of DraftKings and gave the company a “buy” rating in a research report on Sunday, April 13th. Finally, Cowen reaffirmed a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $55.27.

DraftKings Stock Down 0.0 %

Shares of NASDAQ DKNG opened at $33.61 on Monday. The stock has a market cap of $29.68 billion, a P/E ratio of -31.71, a PEG ratio of 1.43 and a beta of 2.16. The business’s fifty day simple moving average is $39.21 and its 200-day simple moving average is $39.70. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,575,525 shares of company stock valued at $109,441,446 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

DraftKings 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.