Ardsley Advisory Partners LP Trims Position in DraftKings Inc. $DKNG

Ardsley Advisory Partners LP decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,000 shares of the company’s stock after selling 20,000 shares during the quarter. Ardsley Advisory Partners LP’s holdings in DraftKings were worth $5,361,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in DKNG. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after buying 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 valued at $35,000 after acquiring an additional 810 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of DraftKings during the 2nd quarter worth about $45,000. Ameritas Advisory Services LLC acquired a new stake in shares of DraftKings in the second quarter worth approximately $48,000. Finally, Pinnacle Bancorp Inc. boosted its position in shares of DraftKings by 101.3% in the second quarter. Pinnacle Bancorp Inc. now owns 1,264 shares of the company’s stock worth $54,000 after acquiring an additional 636 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 8,421 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the completion of the sale, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. This trade represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, December 1st. The stock was sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the completion of the sale, the insider owned 512,182 shares of the company’s stock, valued at approximately $17,332,238.88. This trade represents a 9.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 166,752 shares of company stock worth $5,387,153. Company insiders own 47.08% of the company’s stock.

DraftKings Stock Down 1.7%

Shares of NASDAQ:DKNG opened at $34.94 on Wednesday. The company has a market capitalization of $17.39 billion, a price-to-earnings ratio of -61.30, a price-to-earnings-growth ratio of 2.95 and a beta of 1.60. The company has a 50 day moving average of $32.34 and a two-hundred day moving average of $38.94. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Wells Fargo & Company initiated coverage on DraftKings in a research report on Tuesday, November 18th. They issued an “equal weight” rating and a $31.00 target price on the stock. JMP Securities reduced their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. lowered their price target on DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Twenty-five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.48.

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.