Hollencrest Capital Management Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Hollencrest Capital Management lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 49.0% during the fourth quarter, HoldingsChannel reports. The firm owned 2,815 shares of the company’s stock after selling 2,705 shares during the period. Hollencrest Capital Management’s holdings in DraftKings were worth $105,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of DraftKings during the 3rd quarter worth $355,000. Atria Investments Inc purchased a new position in shares of DraftKings during the 3rd quarter worth $215,000. Future Fund LLC purchased a new position in shares of DraftKings during the 3rd quarter worth $736,000. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of DraftKings by 79.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock worth $1,041,000 after acquiring an additional 11,734 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at approximately $67,704. This represents a 67.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

Shares of DraftKings stock opened at $38.63 on Thursday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a market cap of $18.93 billion, a PE ratio of -36.44, 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. The business has a 50-day simple moving average of $42.12 and a 200-day simple moving average of $40.09.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DKNG. Morgan Stanley lifted their price target on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Susquehanna reduced their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Cowen reissued a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Stifel Nicolaus raised their price objective on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

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.