DraftKings Inc. $DKNG Shares Sold by Penn Capital Management Company LLC

Penn Capital Management Company LLC decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 38.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,837 shares of the company’s stock after selling 20,878 shares during the quarter. Penn Capital Management Company LLC’s holdings in DraftKings were worth $1,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dagco Inc. acquired a new position in shares of DraftKings during the 4th quarter valued at about $26,000. Ameriflex Group Inc. boosted its position in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the last quarter. Asset Dedication LLC acquired a new position in shares of DraftKings during the 3rd quarter valued at about $37,000. AlphaQuest LLC acquired a new position in shares of DraftKings during the 3rd quarter valued at about $41,000. Finally, Montag A & Associates Inc. boosted its position in shares of DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Up 5.3%

Shares of DKNG opened at $25.07 on Thursday. The company’s 50-day simple moving average is $23.64 and its 200-day simple moving average is $27.85. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The stock has a market capitalization of $12.44 billion, a PE ratio of 417.83 and a beta of 1.67.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. Analysts forecast that DraftKings Inc. will post 0.62 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Erik Bradbury sold 2,883 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the sale, the chief accounting officer directly owned 38,168 shares in the company, valued at approximately $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider owned 213,597 shares in the company, valued at $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 524,546 shares of company stock valued at $13,215,769 over the last three months. 47.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

DKNG has been the topic of several research analyst reports. Roth Mkm upgraded shares of DraftKings from a “sell” rating to a “buy” rating in a report on Friday, April 24th. Benchmark restated a “buy” rating on shares of DraftKings in a report on Tuesday, March 3rd. Oppenheimer reduced their price objective on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Wedbush initiated coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “outperform” rating on the stock. Finally, Stephens initiated coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “overweight” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.32.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.