Sapient Capital LLC Lowers Position in DraftKings Inc. (NASDAQ:DKNG)

Sapient Capital LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,553 shares of the company’s stock after selling 1,074 shares during the quarter. Sapient Capital LLC’s holdings in DraftKings were worth $842,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after acquiring an additional 2,225,759 shares during the period. Jericho Capital Asset Management L.P. raised its holdings in DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares in the last quarter. Norges Bank bought a new position in DraftKings in the fourth quarter worth about $192,140,000. Ameriprise Financial Inc. increased its holdings in shares of DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after acquiring an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of DraftKings by 21.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after acquiring an additional 781,058 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now directly owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,086,101 shares of company stock valued at $45,903,509. 51.19% of the stock is currently owned by insiders.

DraftKings Price Performance

NASDAQ DKNG traded down $1.22 during mid-day trading on Tuesday, hitting $41.56. The stock had a trading volume of 6,761,433 shares, compared to its average volume of 11,522,001. The firm’s 50 day moving average is $43.51 and its 200 day moving average is $38.65. DraftKings Inc. has a twelve month low of $21.07 and a twelve month high of $49.57. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $36.02 billion, a price-to-earnings ratio of -23.75 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business earned ($0.53) earnings per share. The firm’s revenue was up 43.9% compared to the same quarter last year. Equities research analysts forecast that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on DKNG. Morgan Stanley upped their price objective on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Needham & Company LLC increased their price target on shares of DraftKings from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, March 27th. UBS Group upped their price objective on DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Susquehanna upped their price objective on DraftKings from $54.00 to $56.00 and gave the stock a “positive” rating in a research report on Monday. Finally, Barclays upped their price objective on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $47.38.

About DraftKings

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.