DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Holocene Advisors LP

Holocene Advisors LP cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,029,072 shares of the company’s stock after selling 86,814 shares during the quarter. Holocene Advisors LP owned about 0.23% of DraftKings worth $79,540,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of DKNG. Alta Advisers Ltd purchased a new stake in shares of DraftKings in the second quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of DraftKings in the second quarter valued at about $39,000. St. Johns Investment Management Company LLC purchased a new stake in shares of DraftKings in the second quarter valued at about $46,000. V Square Quantitative Management LLC purchased a new stake in shares of DraftKings in the third quarter valued at about $46,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of DraftKings in the second quarter valued at about $47,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 735,246 shares of company stock valued at $29,902,158 over the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

NASDAQ:DKNG opened at $43.93 on Tuesday. The firm has a 50 day simple moving average of $39.36 and a 200-day simple moving average of $37.86. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $38.69 billion, a PE ratio of -49.92 and a beta of 1.82. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on DKNG. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Barclays boosted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Finally, Mizuho boosted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $51.04.

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.