DraftKings Inc. $DKNG Shares Sold by Caxton Associates LLP

Caxton Associates LLP lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 80.1% in the 1st quarter, HoldingsChannel reports. The firm owned 10,821 shares of the company’s stock after selling 43,426 shares during the quarter. Caxton Associates LLP’s holdings in DraftKings were worth $234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Vanguard Group Inc. boosted its holdings in DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after buying an additional 8,524,923 shares during the last quarter. Viking Global Investors LP raised its stake in shares of DraftKings by 27.4% during the 4th quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock valued at $658,872,000 after buying an additional 4,116,561 shares during the last quarter. Capital World Investors raised its stake in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after buying an additional 4,788,337 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DraftKings stock opened at $24.55 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The business has a 50-day moving average price of $25.60 and a 200 day moving average price of $25.45. The firm has a market cap of $12.18 billion, a PE ratio of 409.17 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) EPS. Sell-side analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on DKNG. Deutsche Bank Aktiengesellschaft upped their target price on DraftKings from $26.00 to $28.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Barclays boosted their price target on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Scotiabank upgraded DraftKings to an “outperform” rating in a research report on Friday, April 24th. Sanford C. Bernstein restated an “outperform” rating on shares of DraftKings in a research report on Thursday, June 11th. Finally, UBS Group raised their price objective on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $34.37.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 97,596 shares of company stock valued at $2,756,991 over the last 90 days. Company insiders own 47.18% of the company’s stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.