Zevenbergen Capital Investments LLC Sells 8,225 Shares of DraftKings Inc. (NASDAQ:DKNG)

Zevenbergen Capital Investments LLC lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,090 shares of the company’s stock after selling 8,225 shares during the period. Zevenbergen Capital Investments LLC’s holdings in DraftKings were worth $7,109,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after acquiring an additional 584,452 shares during the last quarter. Geode Capital Management LLC raised its position in DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares during the period. Baillie Gifford & Co. purchased a new stake in DraftKings during the fourth quarter valued at about $246,765,000. FMR LLC grew its stake in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after buying an additional 826,626 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. 37.70% of the stock is owned by institutional investors.

DraftKings Trading Up 2.7 %

NASDAQ DKNG opened at $39.49 on Monday. The stock has a market cap of $19.35 billion, a PE ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company’s 50-day moving average price is $42.17 and its 200-day moving average price is $40.31.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on DKNG shares. Morgan Stanley boosted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Argus set a $60.00 price objective on shares of DraftKings in a report on Tuesday, February 18th. JPMorgan Chase & Co. increased their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group lifted their price objective on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, BTIG Research set a $59.00 target price on DraftKings in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,663,966 shares of company stock valued at $112,550,362. 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.