ARK Investment Management LLC Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

ARK Investment Management LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,024,733 shares of the company’s stock after selling 162,541 shares during the quarter. DraftKings accounts for approximately 2.2% of ARK Investment Management LLC’s portfolio, making the stock its 14th largest holding. ARK Investment Management LLC owned about 0.69% of DraftKings worth $236,170,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in DKNG. Kornitzer Capital Management Inc. KS purchased a new stake in shares of DraftKings in the third quarter valued at approximately $8,742,000. Principal Financial Group Inc. lifted its holdings in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the period. Concurrent Investment Advisors LLC boosted its position in shares of DraftKings by 5.0% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 15,297 shares of the company’s stock worth $600,000 after purchasing an additional 727 shares in the last quarter. QRG Capital Management Inc. grew its stake in shares of DraftKings by 11.8% during the 3rd quarter. QRG Capital Management Inc. now owns 57,433 shares of the company’s stock worth $2,251,000 after purchasing an additional 6,058 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in shares of DraftKings by 8.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 160,176 shares of the company’s stock worth $6,279,000 after purchasing an additional 11,932 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock valued at $39,966,465 in the last three months. Corporate insiders own 48.94% of the company’s stock.

DraftKings Price Performance

DKNG opened at $38.98 on Friday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm has a market cap of $34.25 billion, a price-to-earnings ratio of -43.80 and a beta of 1.82. The company has a fifty day simple moving average of $37.45 and a 200 day simple moving average of $37.94.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. Equities research analysts expect that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on DKNG shares. 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. Stifel Nicolaus reissued a “buy” rating and set a $48.00 price target (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. UBS Group raised their price objective on DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. The Goldman Sachs Group dropped their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

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.