ArrowMark Colorado Holdings LLC Has $61.81 Million Stock Holdings in DraftKings Inc. $DKNG

ArrowMark Colorado Holdings LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,652,529 shares of the company’s stock after selling 43,218 shares during the quarter. DraftKings comprises 1.1% of ArrowMark Colorado Holdings LLC’s portfolio, making the stock its 27th biggest holding. ArrowMark Colorado Holdings LLC owned about 0.33% of DraftKings worth $61,805,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ameriflex Group Inc. increased its position in DraftKings by 100.0% in 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 in the last quarter. Root Financial Partners LLC acquired a new position in shares of DraftKings during the third quarter worth approximately $33,000. AlphaQuest LLC acquired a new position in shares of DraftKings during the third quarter worth approximately $41,000. TD Private Client Wealth LLC grew its stake in shares of DraftKings by 45.6% during the third quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock valued at $44,000 after purchasing an additional 365 shares during the last quarter. Finally, Delos Wealth Advisors LLC bought a new stake in shares of DraftKings during the second quarter valued at approximately $47,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Benchmark restated a “buy” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Rothschild & Co Redburn set a $35.00 price objective on DraftKings in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, January 21st. Oppenheimer dropped their target price on DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, February 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price target on shares of DraftKings in a research note on Tuesday, March 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $37.19.

DraftKings Trading Up 1.2%

Shares of NASDAQ DKNG opened at $25.87 on Friday. DraftKings Inc. has a fifty-two week low of $21.01 and a fifty-two week high of $48.78. The firm has a market capitalization of $12.75 billion, a P/E ratio of -646.75, a P/E/G ratio of 1.06 and a beta of 1.67. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The company’s 50 day simple moving average is $27.88 and its 200 day simple moving average is $33.25.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total value of $1,689,391.77. Following the transaction, the insider owned 500,000 shares of the company’s stock, valued at approximately $16,005,000. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Erik Bradbury sold 2,883 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total value of $70,806.48. Following the transaction, the chief accounting officer owned 38,168 shares in the company, valued at approximately $937,406.08. This trade represents a 7.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 547,345 shares of company stock valued at $14,111,660 in the last three months. 51.19% of the stock is currently owned by company insiders.

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.