DraftKings Inc. $DKNG Shares Sold by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP trimmed its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 37.4% in the second quarter, Holdings Channel.com reports. The fund owned 2,643,325 shares of the company’s stock after selling 1,581,699 shares during the period. Westfield Capital Management Co. LP’s holdings in DraftKings were worth $113,372,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Bank of Jackson Hole Trust purchased a new position in shares of DraftKings in the first quarter valued at $31,000. TD Private Client Wealth LLC raised its position in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the last quarter. Summit Securities Group LLC increased its stake in shares of DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in DraftKings during the second quarter worth $45,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of DraftKings in the second quarter worth $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

DKNG stock opened at $29.02 on Thursday. The firm has a market cap of $14.45 billion, a P/E ratio of -50.91, a price-to-earnings-growth ratio of 2.43 and a beta of 1.86. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. DraftKings Inc. has a 1 year low of $26.23 and a 1 year high of $53.61. The stock has a 50-day simple moving average of $35.15 and a 200-day simple moving average of $39.23.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm posted ($0.60) EPS. The company’s revenue was up 4.4% compared to the same quarter last year. On average, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DKNG has been the subject of several analyst reports. Bank of America downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and cut their target price for the company from $48.00 to $35.00 in a research note on Tuesday, November 4th. Wells Fargo & Company initiated coverage on DraftKings in a report on Tuesday. They issued an “equal weight” rating and a $31.00 price target for the company. Mizuho reduced their target price on DraftKings from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, November 13th. Susquehanna cut their price objective on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating on the stock in a report on Monday, November 10th. Finally, UBS Group decreased their target price on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Twenty-five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.38.

Insider Activity at DraftKings

In other news, Director Harry Sloan purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the purchase, the director owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This trade represents a 11.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the transaction, the insider owned 512,181 shares in the company, valued at $24,262,013.97. This trade represents a 17.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 219,529 shares of company stock valued at $8,601,273 in the last 90 days. 51.19% of the stock is currently owned by insiders.

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.