DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Divisadero Street Capital Management LP

Divisadero Street Capital Management LP trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 51.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,483 shares of the company’s stock after selling 102,511 shares during the quarter. Divisadero Street Capital Management LP’s holdings in DraftKings were worth $3,626,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Stonebridge Financial Group LLC acquired a new position in DraftKings during the fourth quarter worth $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $30,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth about $37,000. Westpac Banking Corp purchased a new position in DraftKings in the 4th quarter valued at about $44,000. Finally, YANKCOM Partnership acquired a new stake in DraftKings in the 4th quarter worth about $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on DKNG. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of DraftKings in a report on Monday, April 7th. Mizuho reduced their price objective on DraftKings from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Jefferies Financial Group set a $60.00 target price on shares of DraftKings and gave the stock a “buy” rating in a research note on Sunday, April 13th. 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. Finally, Citigroup lowered their price target on shares of DraftKings from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.18.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $34.04, for a total value of $1,796,529.08. Following the sale, the insider now owns 549,197 shares in the company, valued at approximately $18,694,665.88. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,681,079 shares of company stock worth $112,941,617 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Down 1.6 %

Shares of DKNG opened at $33.60 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a market cap of $29.66 billion, a P/E ratio of -31.69, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company’s 50-day moving average price is $35.89 and its 200 day moving average price is $39.32. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS 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%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

DraftKings Company 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.