Ardmore Road Asset Management LP Decreases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Ardmore Road Asset Management LP decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 87.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 50,000 shares of the company’s stock after selling 350,000 shares during the quarter. Ardmore Road Asset Management LP’s holdings in DraftKings were worth $1,860,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the last quarter. Geode Capital Management LLC raised its position in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after purchasing an additional 89,988 shares during the period. Norges Bank bought a new stake in DraftKings in the fourth quarter worth $276,328,000. Massachusetts Financial Services Co. MA grew its stake in shares of DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock valued at $252,867,000 after buying an additional 1,036,763 shares during the last quarter. Finally, Baillie Gifford & Co. purchased a new position in shares of DraftKings in the fourth quarter worth about $246,765,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG opened at $33.19 on Wednesday. The company’s 50-day simple moving average is $41.72 and its two-hundred day simple moving average is $40.29. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a market capitalization of $16.59 billion, a P/E ratio of -31.31, a P/E/G ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. As a group, analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the sale, the insider now directly owns 682,764 shares of the company’s stock, valued at $26,593,657.80. This represents a 48.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on DKNG. BTIG Research set a $59.00 price target on DraftKings in a research report on Monday, February 3rd. TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Canaccord Genuity Group lifted their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus increased their price target on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Finally, Benchmark boosted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $54.42.

DraftKings 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.