Nicholas Investment Partners LP Decreases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Nicholas Investment Partners LP cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,710 shares of the company’s stock after selling 2,498 shares during the quarter. Nicholas Investment Partners LP’s holdings in DraftKings were worth $808,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in shares of DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Norges Bank purchased a new stake in DraftKings in the fourth quarter worth $276,328,000. FMR LLC raised its stake in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new stake in shares of DraftKings in the fourth quarter valued at $246,765,000. Finally, Eminence Capital LP bought a new stake in shares of DraftKings in the fourth quarter valued at $65,255,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider now directly owns 4,155,130 shares of the company’s stock, valued at $157,188,567.90. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,691,079 shares of company stock valued at $111,885,917. Company insiders own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent research reports. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Barclays reduced their target price on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday. Citigroup reduced their target price on shares of DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 25th. TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $65.00 price objective on shares of DraftKings in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Stock Performance

DraftKings stock opened at $38.25 on Thursday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average of $35.30 and a 200-day moving average of $39.29. The firm has a market cap of $33.77 billion, a P/E ratio of -36.08, a P/E/G ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results 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%. Sell-side analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

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.