Granite Point Capital Management L.P. Cuts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Granite Point Capital Management L.P. cut its position in shares of DraftKings Inc. (NASDAQ:DKNGGet Rating) by 94.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 60,000 shares of the company’s stock after selling 990,000 shares during the quarter. Granite Point Capital Management L.P.’s holdings in DraftKings were worth $1,648,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in DKNG. Russell Investments Group Ltd. boosted its holdings in DraftKings by 220.8% during the third quarter. Russell Investments Group Ltd. now owns 34,002 shares of the company’s stock worth $1,637,000 after purchasing an additional 23,403 shares during the last quarter. Principal Financial Group Inc. boosted its stake in DraftKings by 324.0% in the third quarter. Principal Financial Group Inc. now owns 239,086 shares of the company’s stock valued at $11,515,000 after acquiring an additional 182,696 shares during the last quarter. Alliancebernstein L.P. boosted its stake in DraftKings by 7.4% in the third quarter. Alliancebernstein L.P. now owns 309,220 shares of the company’s stock valued at $14,892,000 after acquiring an additional 21,310 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in DraftKings by 214.7% in the third quarter. Allianz Asset Management GmbH now owns 328,782 shares of the company’s stock valued at $15,834,000 after acquiring an additional 224,315 shares during the last quarter. Finally, US Bancorp DE boosted its stake in DraftKings by 4.5% in the third quarter. US Bancorp DE now owns 6,335 shares of the company’s stock valued at $305,000 after acquiring an additional 272 shares during the last quarter. Institutional investors and hedge funds own 33.91% of the company’s stock.

A number of research firms have weighed in on DKNG. Citigroup dropped their target price on shares of DraftKings from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, February 23rd. UBS Group dropped their price target on shares of DraftKings from $44.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 17th. Loop Capital dropped their price target on shares of DraftKings from $35.00 to $25.00 in a research note on Monday, May 9th. Truist Financial dropped their price target on shares of DraftKings from $30.00 to $22.00 and set a “hold” rating on the stock in a research note on Tuesday, February 22nd. Finally, Argus cut shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Monday, March 7th. Eleven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $37.70.

Shares of NASDAQ:DKNG opened at $14.03 on Friday. The company’s fifty day moving average price is $16.09 and its 200-day moving average price is $23.42. The firm has a market capitalization of $11.25 billion, a price-to-earnings ratio of -3.46 and a beta of 2.07. DraftKings Inc. has a one year low of $9.77 and a one year high of $64.58. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.96 and a quick ratio of 2.96.

DraftKings (NASDAQ:DKNGGet Rating) last released its earnings results on Friday, May 6th. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.08. DraftKings had a negative net margin of 117.39% and a negative return on equity of 86.40%. The company had revenue of $417.21 million for the quarter, compared to analyst estimates of $404.20 million. As a group, equities research analysts expect that DraftKings Inc. will post -3.6 EPS for the current year.

In related news, insider Paul Liberman sold 279,102 shares of the stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $24.03, for a total transaction of $6,706,821.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Jason Park sold 199,081 shares of the stock in a transaction on Wednesday, February 23rd. The shares were sold at an average price of $20.26, for a total transaction of $4,033,381.06. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 190,000 shares of company stock worth $3,608,000 and have sold 1,316,922 shares worth $25,319,815. 55.92% of the stock is currently owned by company insiders.

DraftKings Profile (Get Rating)

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily fantasy sports, sports betting, and iGaming opportunities, as well as media and other online consumer products.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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